November 14, 2012

 
  • Dow Jones sustaining below 50 Week SMA will continue to favor bears of Dow Jones.
  • If the fall continues price may target the 100 Week SMA or the 38.2% Fib level in weekly chart as its next target



  • QQQ Daily chart with MACD indicator has been showing positive divergence for some time now without any reversal.
  • 200 and 20 Day SMA is about to do a bearish cross and any reversal attempt will face stiff resistance around this bearish cross zone near 65.
  • Daily chart is showing a pin bar candle at channel support line with the positive divergence this setup may result in a small bounce. Trading below 62.78 will continue to favor bears.
  • MICROSOFT CHART ANALYSIS

  • Weekly charts of Microsoft with broken support levels and Up trend lines.
  • Last chart shows price violating a crucial up trend line in weekly time frame. If the week closes at the current levels or lower price could target the falling dotted line shown in the chart.
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  • SPX 30 Minutes shows a trading range developing.
  • Immediate support in daily chart is the 50% Fib line.
  • Resistance levels are 200 Day SMA and 1397 - 1403 zone.



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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore