January 19, 2013


  • INTEL Weekly chart shows price getting resisted at 38.2% Fib level and price closed back below 23.6% Fib level.
  • Price closed below 200 Week SMA.
  • Monthly Fib levels shows price falling from 38.2% Fib level. Correction could extend towards 19.15 levels near Golden ratio which is a strong support level for INTEL.
  • APPLES BEARISH CROSSES
  • DOW JONES TRIPLE DIVERGENCE
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  • Apple daily chart shows price trending down below 20 and 50 Day SMA.
  • Second chart shows the Death cross which will stay effective as long as price stays below 50 Day SMA. Price closing above 50 SMA may give hope for bulls of a bigger pullback.
  • Weekly chart also shows a bearish cross with 20 and 50 Week SMA. Only hope for bulls now is the weekly pin bar candle that is staying above 100 Week SMA. Price if starts to trade below 100 Week SMA will strengthen bears further.
  • DOW JONES TRIPLE DIVERGENCE
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  • General Electric Daily chart shows a triangle breakout.
  • Price sustaining above 21.95 should target the next resistance level of 23.08.
  • Corrections should be limited to the weekly middle bollinger band to keep the momentum intact.
  • DOW JONES TRIPLE DIVERGENCE
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  • Dow Jones closes near the resistance line.
  • Second chart shows whenever prices has made newer high's it does not last long. Price makes an up move it goes into a range and a correction follows. This time too price may give a breakout and a range may follow, But the correction this time may be bigger than the last two dips.
  • Expecting bigger correction because of the Triple divergence in Weekly MACD. Price if gets resisted at the channel line will confirm this one. Triple divergence is stronger than the Original divergence so bears can expect a bigger fall if price gets resisted at the channel resistance.
  • BANK OF AMERICA SUPPORT LEVELS
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  • Bearish engulfing in daily chart continue to do well
  • One hour chart has fallen below the cloud.
  • Price testing 100 Hour SMA in one hour time frame.
  • A bigger fall can be seen if price starts to trade below 100 Hour SMA.
  • GLD CHART UPDATE
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"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