June 22, 2013

  • IWM Daily chart shows price taking support at the rising trend line.
  • Daily chart also shows crucial support zone at 94.14 - 94.96 and rising 100 Day SMA may also act as support.
  • Weekly chart shows MACD Bearish cross but price does not give follow up by closing below 20 Week SMA. 
  • More weakness only on a daily close below 100 Day SMA and a weekly close below 20 Week SMA. 
  • QQQ Weekly chart is trying to hold above 20 Week SMA. Bears need a break below 20 Week SMA and the up trend line shown in last chart for a bigger fall to happen.
  • Daily chart too is getting support at 100 Day SMA. This line has acted as crucial support in the recent past, So a breakdown below this level on closing basis will strengthen bears further.
  • Daily chart suggest the bounce from 100 SMA may continue for sometime before the selling resumes again.

  • Weekly chart of SPX has given a MACD bearish cross after a long wait. Price has also managed to close the week below the rising support line. This combination has given 2 or 3 weeks of correction in the recent past.
  • Daily chart shows price managed to stay above 100 Day SMA. For the weekly view to work in favor of bears price must close below 100 Day SMA. 
  • Strength above 1598 and bullish above 1620 - 1625 level. Weakness below 100 Day SMA.

  • Apple daily chart shows price violating crucial support at 418 levels. Now bears need a daily close below this level to target the next support level at 385.
  • Week and Monthly charts shows confluence of support near 385 - 390 levels. Weekly chart has the 200 week SMA and Month chart has the 50% retrace level at this area.


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"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