November 15, 2012

 
  • Dow Jones Daily chart shows Price below golden ratio and moving towards 78.6% Fib level.
  • Second chart shows levels between Golden ratio and 78.6% Fib level which may act as support areas.
  • Price in weekly chart is near 100 Week SMA which is near 12400 levels. 
  • APPLE CHART ANALYSIS
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  • APPLE Testing monthly support levels.
  • March and May month lows are 516 and 522.
  • Price sustaining below the hourly cloud will continue to favor bears of apple.
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  • Facebook moved up yesterday with good volumes.
  • Daily chart is nearing the crucial resistance level of 100 Day SMA. Last time stock was corrected from this level.
  • Daily chart also shows price in a consolidation range between 17 and 24. The GAP between 25.54 and 26.73 will act as stiff resistance if 100 SMA is crossed on closing basis.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • SPX Daily nearing golden ratio.
  • Price has fallen below 50 Week SMA and is likely to move towards 100 Week SMA.
  • Confluence of support at 38.2% and 100 Week SMA shall result in a bounce if price tests this level.

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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