November 4, 2016

  • Hourly cloud shows price trending below it from 50 levels. Now price is approaching the 200 Day SMA. More weakness if this level is not held.
  • Weekly chart earlier got rejected at the 50 , 51 , 52 zone. A Bigger bullish pattern is stopped for now.
  • S&P 500 Analysis after closing bell
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  • Weekly chart shows weakness as price falls back into the Multi Week 300 point range.
  • Daily chart shows price testing 200 Day SMA. Last fall below this line did not give bigger gains. Bears are hopeful this time.
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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