Stock Market Chart Analysis: 04/18/12

April 18, 2012

First chart shows a triangle pattern which may give good direction on a breakout or breakdown.
Crucial support and resistance levels shown in second chart.

Hourly bullish cross of 50 above 200 SMA may save bulls from a bigger fall.
Bulls must break and sustain above the resistance line shown in the last chart for moving above 1400.
Breaking below the hourly cloud will weaken the bulls.
S&P 500 ANALYSIS AFTER CLOSING BELL

Nifty bulls are yet to cross the resistance line as shown in the last chart.
Bulls need a daily close above the resistance line and 50 Day SMA.
Yesterday the up move started near 50 Week SMA as shown in 2nd chart. Weekly upward momentum can be confirmed only on a close above 5 Week High EMA.
First chart shows a make or break level in weekly chart. A bullish candle will save bulls from deeper falls. Break and close the week below this level will add strength to bears.
S&P 500 EOD UPDATE

DAILY CHART

FOUR HOUR CHART

ONE HOUR CHART

Daily chart having taken support near the cloud has come back to test 20 SMA again. Closing above 20 SMA will help bulls to continue the up trend again.
Four hour chart shows price breaking out of the falling wedge like pattern. Price is testing 50 period SMA which shall be crossed for continuing this up move.
One hour chart too is testing crucial levels like golden ratio and 200 Hour SMA.
So to summarize price has closed near crucial resistance level which shall be crossed tomorrow or we will see another leg down from the current levels.

Golden ratio and 50 Period SMA may act as resistance for this up move.
Price closing above this moving average line will favor bulls to resume the up trend.