August 31, 2013

  • SLV Shows weakness near Weekly Upper Bollinger band and the GAP shown in daily chart.
  • Price is fast moving towards the 23.6% Fib level which may act as immediate support. If this level does not hold price may fall to the rising 20 Day SMA in the short term.
  • S&P 500 Weekend update
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  • Daily chart shows bulls trying to hold above the cloud. Breaking the cloud on closing basis will strengthen bears further.
  • Bulls need to trade above 100 Day SMA to avoid a fall.
  • Weekly up trend line is not violated yet. Taking support at this line may save bulls from a bigger fall. 
  • Weakness Below 1627. Strength on closing above 100 Day SMA.
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  • GOOGLE Daily chart is testing previous resistance level at 843 which may act as support.
  • Previous support is also the 50% Retrace level in daily chart.
  • Weekly is not looking good for bulls as price makes another close below 20 Week SMA and is likely to target the Weekly lower bollinger band in the coming weeks.

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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