October 18, 2013

  • Apple Weekly chart shows price near 100 Week SMA. Daily chart shows resistance zone between 510- 513. These two levels has to be crossed on closing basis for bulls to extend gains. Sustaining above this zone will also extend the gains of Golden cross in daily chart.
  • SPY Analysis after closing bell
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  • ES 4 hour chart shows price above resistance zone.
  • Daily chart shows price near potential resistance line. Price must trade above this line for a bigger up move to happen. Weakness at this resistance line may lead to a fall.
  • SPY Analysis after closing bell
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  • SPY Daily chart shows price near recent High's.
  • Line chart shows possible resistance line.
  • Weekly chart shows price and RSI Diverging which may prevent a bigger up move from happening.

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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