June 8, 2013

  • APPLE Monthly chart shows the Bullish Doji still valid But followup price action is sluggish. Price has to sustain above 465 for a bigger up move to follow.
  • Weekly chart too looks bad for bulls. Up move from 385 has not moved up much while the indicators are fast reaching overbought which is usually bearish.
  • Daily chart needs to hold above 50 Day SMA and Ichimoku cloud to avoid a bigger correction. First sign of weakness on daily close below 50 Day SMA.

  • SPX Week has formed a bullish hammer candlestick at the up trend.
  • Immediate resistance in daily chart at 20 Day SMA. A daily close above 20 SMA will add strength for the bullish candlestick formation.
  • Earlier bears needed a close below 5 Week Low EMA to weaken the prevailing trend which did not happen. Price managed to bounce and close near the high of the week.

  • Facebook one hour chart continues to trend below the cloud and 50 Hour SMA.
  • Daily fib levels shows price heading towards 78.6% Fib level.


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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