December 9, 2012

 

  • First chart shows a trading range in daily chart.
  • Second chart shows price trying to hold above 50 and 100 Day SMA.
  • Possible inverted head and shoulders pattern in daily chart.
  • Weekly chart shows price holding above 20 Week SMA on closing basis. Sustaining above 20 Week SMA should favor bulls of IWM.
  • SPY WEEKEND UPDATE
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  • Daily MACD is looking negative But price is able to sustain above 20 Day SMA. For bears daily close below 20 SMA could give a correction.
  • 50 and 200 Day SMA is acting as resistance levels.
  • Weekly candle managed to stay above 50 Week SMA. But if price starts to trade below 50 Week SMA it could result in  a bigger fall. Weakness below 64.25.
  • SPY WEEKEND UPDATE
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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