- Micron Technology is showing a triangle pattern in its daily time frame.
- Breakout above the resistance line should sustain above 8.3 levels.
- Break below the support line will favor bears.
- S&P 500 WEEKEND UPDATE
January 2, 2011
DAILY CHART OF SPX
WEEKLY CHART OF SPX
- Daily chart is trending up above the trend line and the 20 day moving average.
- Positional longs will be safe until price stands above the trend line in daily chart and the 20 day moving average.
- Weekly chart is showing a bearish pattern. a rising wedge which is a bearish reversal pattern.
- NFLX WEEKEND UPDATE
- NFLX Daily chart is looking negative with price breaking a trend line support and its 50 day moving average. This price action will be negative in the short term and will favor bears.
- Weekly chart is also showing a trend line beak. Trend in Weekly chart can change completely if price breaks and close below 20 week moving average.