December 17, 2012

  • SPY Daily chart reversing from 50 day SMA.
  • SPY 30 Minutes chart testing the cloud and Crucial fib levels. Closing above the cloud and Golden ratio may extend the up move.
  • ES One hour chart shows a bearish cross with 50 Hour SMA and 200 Hour SMA. Price sustaining below these two moving averages may lead to further breakdown.
  • 4 Hour chart shows price testing the cloud. Price breaking below the cloud may give a bigger down move.
  • S&P 500 WEEKEND UPDATE
  • IWM WEEKEND UPDATE
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  • First chart is the daily time frame with MACD indicator which is getting ready for a sell. If macd gives a sell we may see a dip in price towards the up trend line.
  • Weekly chart is pausing at 78.6% Fib level and a possible resistance line. If price does not breakout above 5950 on closing basis we may see a bigger correction as shown in the last chart to form the handle of a cup and handle pattern.
  • BANK NIFTY LIVE CHART WITH AUTO REFRESH
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  • First chart is the daily time frame which shows Price stopping at the cloud.
  • Next chart shows a contracting pattern with a failed breakout. Price has comeback into the pattern, If it breaks the support line we may see a faster fall in Google.
  • Crucial supports in daily time frame are 694 and 688 with 50 and 100 SMA's respectively.
  • S&P 500 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