April 27, 2013

 
  • Last chart shows failure to close outside the contraction pattern.
  • Price has also failed to close above 50 Day SMA.
  • Second chart shows confluence of resistance at 100 Day SMA and 38.2% Fib level.
  • So multiple resistance levels must be crossed on closing basis for confirming a breakout. Sustaining below this resistance level may result in a dip towards 24.60 levels.
  • S&P 500 WEEKEND UPDATE
  • APPLE WEEKEND UPDATE
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  • IWM Daily line chart shows price near resistance line.
  • For the last two weeks price is showing good support at 20 Week SMA. For bears of IWM This has to break on closing basis for a bigger correction to follow.
  • Weekly MACD shows a sell signal But this one has to be supported by price action. So price has to fall back into the channel shown in last chart for the sell signal to be effective.
  • S&P 500 WEEKEND UPDATE
  • APPLE WEEKEND UPDATE
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  • SPX Daily line chart shows the Strong up trend of this time frame. Buy the dip has worked well so far for Bulls of SPX. Bigger worry for bulls only if daily charts closes below 1541.
  • Second chart shows price near the top of the range and candlesticks showing some weakness.
  • Last chart shows the bearish possibility in weekly chart with price in the range and overbought weekly indicator.
  • APPLE WEEKEND UPDATE
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4 HOUR CHART
WEEKLY CHARTS
  • Apple 4 Hour chart shows price testing the broken support level of 419. For extending this up move price must stay above this level.
  • Weekly chart shows and Inside Day formation which should give a bigger up move if price moves above 427 levels. Things will favor bears below 385. With positive divergence in weekly this formation may favor apple bulls for a decent bounce in the coming week.
  • GOLD RESISTANCE LEVELS
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  • ES one hour chart shows price near the rising trend line. Sustaining above this trend line should result in a bullish breakout.
  • Weakness on falling below the Rising trend line and the support line shown in second chart.
  • GOLD CHART ANALYSIS
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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