Stock Market Chart Analysis: 07/06/12

July 6, 2012

QQQ Daily chart shows price falling from a crucial resistance line.
Price has also fallen below 100 Day SMA.
The intra week gains above 20 Week SMA too is gone now. A close near the current level or lower will favor bears for the coming week.

Silver getting resisted at 50 Day SMA and daily cloud.
For a sustained up move to happen bulls must sustain above these levels But it looks like these levels are acting as stiff resistance for now.
Bulls of silver are safe from a bigger correction as long as price hold on to the weekly trend line shown in last chart.

ES Falling from resistance line which was discussed in an earlier post.
Price moving towards 50 Period SMA of four hour chart. If this level does not hold bears will extend gains.
One hour chart also shows possible support near 38.2% Fib level. Breaking below this level will take ES towards 200 Hour SMA or 50% Fibonacci level.
S&P 500 ANALYSIS AFTER CLOSING BELL

Nifty week is approaching a crucial resistance line and Weekly stochastic too may become overbought by the time price hits this line. Any weakness at this resistance line could be a potential sell signal.
MACD Histograms in daily is showing negative divergence. But MACD lines are yet to give a sell signal. A sell signal between the Golden raito and 78.6% may give the perfect entry for bears.
For bulls These projections does not matter as they have a 20 - 50 SMA bullish cross on daily chart as long as price does not show weakness bulls are safe to hold on.
S&P 500 ANALYSIS AFTER CLOSING BELL

Channel of four hour chart is near resistance line.
Several indicators are showing overbought levels. But for a breakdown bears must fall below 20 week SMA, 100 Day SMA and daily cloud.
Sustaining above these levels will see spx negating the overbought conditions and moving ahead. For sustained up moves price must break above 78.6% Fib level.
APPLE HOURLY NEGATIVE DIVERGENCE

Apple daily chart nearing 78.6% Fibonacci level which may act as resistance.
Hour chart with MACD Histogram shows negative divergence.
Hour chart is trending up above 20 Hour SMA. For the negative divergence to work well price must close below 20 Hour SMA.