June 1, 2013

 
  • Oversold bounce by Facebook bulls getting resisted at multiple resistance levels.
  • Broken 200 Day SMA, 23.6% Fib level acting as resistance.
  • To avoid a bigger fall price must get back into the pattern shown in 3rd chart.
 
 
  • SPX Closed below 20 day sma.
  • Next crucial support at 50 Day SMA. Daily MACD shows a sell signal. 50 SMA at 1600 has to break for the sell signal to gain strength further.
  • Weekly chart shows weakness after negative divergence. Weekly RSI falling below 70% line will help bears to extend the down move.


  • SPY Near the apex of the triangle pattern. 
  • Second chart shows four hour time frame with the shooting star pattern. Shooting star or inverted hammer would look strong if price starts to trade below 163.95.
  • Triangle given an upper breakout will weaken the bearish case.


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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