November 20, 2012

  • QQQ Daily below 20 Day SMA.
  • Weekly chart below 50 Week SMA
  • There is a falling resistance line in weekly chart which may also act as resistance.
  • For a bigger up move bulls must cross these levels on closing basis.

  • Hammer of Apple is doing well so far, APPLE Daily chart moving towards 20 Day SMA and the falling resistance line shown in second chart.
  • Daily MACD is showing a buy signal.
  • Weekly stochastic too is shown a bullish crossover But one should be cautious as the stochastic lines are still in  oversold zone.
  • Bigger up moves possible on daily closing above 20 Day SMA and the falling resistance line shown in second chart.

  • ES Daily chart testing 200 Day SMA.
  • 4 Hour chart shows price testing 38.2% Fib level and a crucial support resistance zone. Above this zone price could move towards the falling resistance line shown in second chart.
  • Bears need price to fall and trade below 200 Day SMA.
  • Dow Jones daily chart shows good reversal move and a closing which is closer to the day's high. But price is yet to reach 200 Day SMA.
  • 20 Day SMA and 200 Day SMA is showing a bearish cross, This area will be tough to cross if price gets this far.
  • Price resistance between 12977 - 13038 is also near this resistance levels.


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"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