January 20, 2013

IWM Weekend update



  • First chart the weekly time frame shows price sustaining above previous resistance line. Last week also closed near its high's which looks good for bulls.
  • Hope for bears is the resistance line drawn in second chart which must be held to avoid further up moves.
  • Last chart shows MACD Histogram and price negative divergence. Bears need the MACD lines to give a bearish cross for the sell off to start. 
  • DOW JONES TRIPLE DIVERGENCE
-->

BANK of America Weekend update


  • Weekly chart testing 23.6% Fib level.
  • Weekly RSI and price shows negative divergence. Price has started to show weakness and may extend the fall towards 10.1 or 20 Week SMA due to the negative divergence.
  • DOW JONES TRIPLE DIVERGENCE