- SPX Violating channel resistance line and 50 Hour SMA.
- Bulls must breakout and sustain above the cloud for a possible trend change.
- Failing to move above the cloud may result in a pullback.
- APPLE CHART ANALYSIS
May 22, 2012
- Apple daily chart gave a bullish candle But there was no big volume change for this up move.
- Price need to cross 20 SMA on closing basis to extend this up move.
- The bearish cross and 50 SMA will be challenging for apple bulls if price manage to extend this oversold bounce.
- S&P 500 ANALYSIS AFTER CLOSE
- SPX Weekly chart shows price getting support at the trend line which was discussed in SPY WEEKEND UPDATE. (Click the link for a clear view of the resistance line.) Its also the 50% Fib level which is acting as support level.
- Other resistance levels shown are the 38.2% fib level, Four hour chart shows a falling resistance line. Hourly charts with 50 Hour SMA and the cloud.
- Clear breakout above 38.2% Fib level should extend this up move.
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