December 15, 2012

  • Weekly chart shows an inverted hammer or a shooting star pattern closing below 20 Week SMA. 
  • 2nd chart shows daily time frame falling from resistance line. Fall will extend below 20 Day SMA.
  • Last chart which is the weekly time frame shows crucial levels of SPX. For bulls need a weekly close above 1422 for an up move towards 1474 levels. Weakness on closing below 1422 and weaker below 1396.
  • APPLE SUPPORT LEVELS (Month and Week)
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  • The pin bar of daily chart has given a correction for bears. 
  • Daily chart managed to close above 50 Day SMA.
  • Weekly chart too has given a bearish candle. It looks like an inverted hammer pattern. This one will be effective if Price in daily chart starts to trade below 50 Day SMA on closing basis.
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  • EURUSD Daily chart testing the resistance zone.
  • 2nd chart shows the presence of a golden cross in daily time frame. Golden cross will do well if price breaks and sustains above the resistance zone.
  • Last chart is the weekly time frame with price above the falling resistance line. Week closing near the high's may favor bulls of eurusd for the coming weeks.
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  • SPY Hour chart testing crucial support levels at 100 Hour SMA and the Hourly ichimoku cloud. Break below these levels may take SPY towards 38.2% Fib level shown in last chart.

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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