October 11, 2011

ES Daily chart Analysis

  • Price staying above the trend line will continue to favor bulls.
  • Bears need price to fall below the resistance line and close below 50 Day SMA.
  • Bulls will extend the up move once they break above yesterday's High.
  • Bears need to wait till the reversal is confirmed.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • AAPL CHART ANALYSIS

APPLE Chart Analysis

  • Apple is moving up and has closed the day above 50 day SMA.
  • Next resistance level is the 20 day SMA.
  • Price closing above 20 SMA can extend this up move.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

Nifty intraday Update

  • Nifty is stuck between 20 and 50 SMA for today.
  • Breakout on either side on closing basis may give a good trade.

NIFTY Analysis

  • Price has closed above 20 day sma. If the corrections are limited to 20 day SMA we may see price closing above 50 SMA.
  • For this up move to continue price should close and sustain above 50 Day SMA. Negative candles @ 50 SMA may lead to correction.
  • Another important support level now is the month Low EMA. Sustaining above month Low Ema too may lead to higher targets.
  • For bears they have to break below 20 SMA and month Low EMA for bigger falls to happen.
  • S&P 500 EOD ANALYSIS

S&P 500 Analysis after closing bell

  • Four hour chart shows price resistance near 1208 - 1210 levels.
  • Daily closing looks good for bulls. Its a  strong close above 50 Day SMA.
  • Weekly chart too shows price about to enter stiff resistance zone between 1219 - 1227 provided price stays above 100 Week SMA.