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Day July 29, 2010

Entries 3 Total

S&P500 (SPX) : Kumo support at 1097

Jul 29, ’10 11:44 PM

The counter rally since the beginning of the earnings season has seen SPX rallied up to the resistance at 1118 and inside the kumo.

At this moment, it is still trading inside the kumo; an area which suggest that the full uptrend is not confirmed yet.

With the market weakness over the last 3 days, SPX is now trading just above the kumo support.

A break below the kumo support (at around 1097) will see the bears starting to push it down again; and especially so if it breaks the Tenkan sen at 1088

A cross over the Tenkan sen (also known as Conversion line) will indicates that buying has weaken.

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Research In Motion (RIMM) : 5min chart, possible head and shoulder

Jul 29, ’10 11:04 PM

Sometimes, the intraday trades movement can be so fast that one may missed out a pattern developing.

In this case, RIMM may have a head and shoulder forming.

I was only able to spot it because of the Chikou Span in Ichimoku.

As we can see from the Chikou Span, there is a chance that the head and shoulder will form.

And if that forms, the way for RIMM is down.

Note:

At time of posting, head and shoulder is not confirmed yet.

A reminder to myself, No Setup. No Trade.

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Netflix (NFLX) : Support levels to watch

Jul 29, ’10 10:55 PM

With NFLX breaking the kumo support and subsequently breaking down from the magical 100 level, it is now time to watch out for possible support levels.

On the Ichimoku chart, we can identified 2 immediate support levels from the Chikou Span.

1. Support at around 95

2. Support at around 90

The support at 90 will be a critical support as that is the level where it gaps up back in April.

Breaking the 90 level, will send it down to the 70s and perhaps even 50.

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