February 3, 2013

  • First chart the weekly time frame shows immediate resistance level at 68.55.
  • Second chart shows price above Middle Bollinger band. Sustaining above Middle BB may lead to upper bollinger band.
  • Last chart shows price in a trading range. Bears need price to fall towards the Unfilled GAP.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • APPLE WEEKEND UPDATE
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DAILY CHART
  • Weekly chart shows previous resistance at 36.5 level.
  • Second chart also weekly time frame shows a possible resistance line.
  • Daily chart shows negative divergence with price and RSI.  Price may continue to move up in daily chart till price hits the weekly resistance level. Weakness near 36.5 levels may lead to a correction.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • APPLE WEEKEND UPDATE
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  • Daily chart shows resistance at 50 Day SMA.
  • Weekly chart continues to get support at 100 Week SMA.
  • Last chart also shows price resistance level between 164.14 - 164.62. Holding above 100 Week SMA Price may soon give a breakout above the falling resistance line.
  • APPLE 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