July 6, 2013

  • Apple daily chart shows weakness at 20 Day SMA and 50% Fib level.
  • Apple daily chart is in a range between 385 - 470. Price now testing the Crucial support resistance level within this range. Strengthe above 423 level and Weakness on price falling below 419 levels.

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    • S&P 500 Managed to break and close above 50 Day SMA.
    • Price yet to break above the falling resistance line and price also will test the broken up trend line. Both these levels has to be crossed on  closing basis for an extended up move to happen.
    • Weekly chart with stochastic indicator shows a possible support line in the indicator. If the line is held we may see a bigger up move in SPX.


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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