March 27, 2014

 
  • Amazon testing the 200 Day SMA and Crucial support zone. Daily and Weekly close below these levels will favor bears for bigger falls.
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  • ES Daily chart shows price trying to stay above Confluence of support levels. 50 Day SMA and previous resistance is trying to stop a bigger fall from happening.

  • Apple daily chart shows a bearish engulfing pattern near the recent swing high of 551. Weakness though can only be confirmed if price falls back below the daily cloud and the falling resistance line.

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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