June 8, 2012

QQQ Chart Analysis

  • QQQ Four hour chart shows a bearish cross with 200 and 50 period SMA.
  • Four hour cloud acting as resistance.
  • Range of qqq shows resistance at 63.16. Staying below this level will favor bears of QQQ.

NIFTY Chart analysis

  • Nifty testing crucial resistance levels. Today being a weekly close its crucial to close above these level to extend this up move. Getting resisted at these levels and the resulting correction may give a shorting opportunity.
  • S&P 500 EOD UPDATE

S&P 500 Analysis after closing bell

  • Price has formed a reversal formation in daily chart. But the falling wedge breakout is still intact. Wedge may fail only if price starts to trade inside the pattern again.
  • 200 Hour SMA is acting as resistance as shown in last chart. Good support is seen near 50 Hour SMA.
  • On bigger time frame 50 Week SMA and 1266 is the key support levels and resistance at 1334.