November 29, 2012

  • Facebook fading the gap in daily chart. GAP will be closed at 26.73.
  • Range of daily chart was about 6.7 points. Trading above 26.73 this up move of FB may extend towards 30.95 levels.
  • Weekly chart shows possible resistance levels with Fib levels.
  • ES Four hour chart shown with next target or resistance zone.
  • Daily chart shows price violating 50 Day SMA. Bulls need a close above this level for extending the up move.
  • Bulls also need to breakout above the daily cloud to extend the up move.
  • Weekly chart shows price taking support at 50 Week SMA and moving towards 20 Week SMA. Closing the week above 20 Week SMA would be perfect for bulls.
  • Daily chart shows price closing above crucial support resistance zone.
  • Next possible support in daily chart is at the 50 Day SMA and Golden ratio.

  • SPY 4 Hour chart with 100 Period SMA and Ichimoku cloud as resistance levels. Price also near crucial Fib levels.
  • Bulls need a cloud breakout for an extended up move.


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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