September 7, 2013

  • SLV Weekly chart shows price weakness near the GAP. 
  • Presence of falling resistance line and 38.2% Will make it tougher for SLV Bulls to move up.
  • Strength on price moving into the GAP area on daily closing basis. Further Weakness below 22.18 and 22.02 levels.

  • SPX Daily MACD has given a bullish cross. Recent signals of MACD in daily time frame has worked well.
  • Today's up move was stopped by 50 Day SMA. For bulls need a close above this level for a bigger up move to happen.
  • Weekly chart looks good for bulls as price managed to hold above the rising support line. Strength for the coming week above 1664-1669 levels. Bearish on falling below 1628 levels.


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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