December 22, 2012

  • SPX Daily chart shows volume spike for the bearish candle.
  • Price managed to hold above 20 Day SMA. MACD Histogram shows negative divergence which will favor bulls only if price stays below 20 Day SMA.
  • Fib level shows price falling from 78.6% Fib level. More falls if the Golden ratio does not hold.
  • Daily MACD has given a sell. If price trades below the trading range we could see a correction towards the up trend line in  daily chart.
  • For bears price closed below 5 Week High EMA. Further break below 5 Week CLOSE EMA will add momentum on down side.
  • Read 5 Week SMA as EMA in weekly 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