December 27, 2012

  • QQQ 4 Hour chart shows a bearish and price below crucial moving averages.
  • 2nd chart shows price threatening to break the 4 Hour cloud. Sustaining below the cloud may extend gains for qqq bears.
  • Last chart shows potential Fibonacci support level for QQQ Bulls.

  • SPY Has broken below 200 Hour SMA.
  • Price is testing the 4 Hour cloud. More falls if cloud does not act as support.
  • Price also nearing 50 and 61.8% Fib levels.
  • USDJPY Bulls are enjoying a big up move. 
  • But price is nearing serious resistance levels in monthly chart.
  • 50 Month SMA , 23.6% Fib level in monthly chart and previous resistance level around 87 has to be crossed for continuing this up move.

  • IWM Daily chart shows price near 20 Day SMA.
  • Weekly chart too shows support at 20 Week SMA which is at 82.26 level.
  • Last chart shows price trying to stay above weekly falling resistance line. For bears price should fall back into the pattern and below 20 Week SMA for a bigger correction.
  • RIMM Daily trying to stay above the golden ratio area.
  • Up trend lines in daily chart also trying to stop the fall.
  • But for bulls reversing the effect of the weekly bearish engulfing is going to be hard work. They have to fade this engulfing pattern to resume the up move

  • Nifty futures near the top of the range.
  • Breakout must happen on closing basis for a bigger up move to happen.
  • Intraday weakness near range top or a failed breakout may lead to a sell towards the lower end of the range.


  • Daily chart of nifty shows price still inside the range
  • Weekly chart with price and histogram shows clear negative divergence. Price is yet to give correction for this negative divergence.
  • Month chart is pausing at the upper bollinger band.


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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