April 26, 2012


  • QQQ Daily chart shows 20 Day SMA as resistance. Bulls need a daily close above this level.
  • Hour chart has to sustain above the falling resistance line.
  • Bears will be active below 65.97 level.


  • ES Four hour chart with resistance line and golden ratio.
  • 50 period SMA and cloud of this time frame is crucial support. Holding this support could lead to another up move.
  • S&P 500ANALYSIS AFTER CLOSING BELL


  • 50 SMA and falling resistance line may act as confluence of resistance.
  • Gold daily candle closing above these levels may give a bigger up move.
  • GOLD LONG TERM SUPPORT LINE




  • Weekly chart shows price near the long term supporting trend line.
  • Immediate resistance levels are the 200 day sma and the falling resistance line shown in daily chart. 
  • S&P 500ANALYSIS AFTER CLOSING BELL




  • Yesterday's dip found support at 20 Week SMA as shown in first chart.
  • Second chart shows a potential bullish cross in the making. For this the weekly closing should be above 20 and 50 week SMA.
  • Declining prices with falling volume will give hope for bulls for an up move. 
  • S&P 500 EOD UPDATE


ONE HOUR CHART
FOUR HOUR CHART
  DAILY CHART
  • One hour chart shows a possible double bottom formation. Price has to confirm the pattern by staying above the resistance level shown in the 2nd chart.
  • Last chart shows price above 20 day sma. Sustaining above this moving average should result in a bigger up move.



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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore