April 6, 2013

  • S&P 500 Daily chart took support at 38.2% Fib level.
  • Second chart shows price violating the up trend line But the horizontal support level at 1538 - 1539 managed to stop the correction for now.
  • Weekly MACD Lines are getting ready for a bearish cross But it need a clear trend line break as shown in the last chart. It may take one or two weeks before this range could resolve on the downside .

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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