June 2, 2013

  • Price testing 100 Day SMA and 50% Fib level. Stock is showing strong bearish momentum.
  • Weekly chart shows MACD moving towards a sell signal which may help bears to extend the fall.
  • S&P 500 WEEKEND UPDATE
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  • IWM Daily chart shows price testing 20 Day SMA and 23.6% Fib level.
  • Weekly chart shows negative divergence which will do well if price breaks the support levels shown in daily chart.
  • S&P 500 WEEKEND UPDATE
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  • QQQ falls below 20 Day SMA.
  • Weekly chart shows a potential false breakout setup which may give a bigger fall if price stays below 72.76 level.
  • Last chart shows price near 23.6% Fib level. Bears need a close below this level for extending the fall.
  • S&P 500 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