- QQQ Daily chart shows price near 100 Day SMA.
- Hour chart shows resistance near 50 Hour SMA and between 64.86 - 65.07
- Possible falling wedge of Hour chart may help bulls of QQQ if price able to stay above 50 Hour SMA.
- For bears of QQQ close below 100 Day SMA will extend the correction of daily chart.
May 15, 2012
- Price in daily chart is near the apex of a contracting pattern which may result in bigger moves on breakout.
- Apple daily near support level of 555. If price gets support here an up move possible.
- Crucial support for this week is the 20 Week SMA and 38.2% Fibonacci level. Breaking 555 should take Apple towards 20 Week SMA.
- Hour chart sustaining below the hourly cloud will favor bears of Apple.
- For bulls price has to sustain above 578 for a turnaround in favor of bulls.
- Silver four hour chart with 20 period SMA Shows the strength of this trend. Price unable to trade above this level.
- Price is also moving down in a channel unless price trades above the resistance line of the channel. Trend will continue to be strong on the down side.
- Price is also testing a crucial support line in weekly chart. If the line does not hold then the correction will extend. Bulls of silver should hope for a false violation of the support line followed by an up move.
- First chart is the daily time frame with Death and Golden crosses. Towards the left side of the chart we can see a death cross and a trending up move which went above 50 and 200 SMA But the death cross was still intact and went on to perform well for bears. Now we have a Golden cross and a similar trending move which is below 50 and 200 SMA. If this move does not trade below 80% Retrace level we may see an up move anything more than that may lead to a complete reversal and a failed Golden cross.
- S&P 500 EOD UPDATE
- SPX Week is trading below 20 Week SMA. Bears will be stronger on closing the week below this level.
- Daily is breaking crucial support and fibonacci levels.
- Four hour chart is shown with recent broken support levels (1357 - 1358) which may act as resistance levels. 20 period SMA for this time frame too is acting as resistance.
- GOLDMAN SACHS WEEKEND UPDATE
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