July 6, 2012

QQQ Chart update

  • 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 Falling from resistance levels

  • 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

  • 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.

NIFTY Chart Analysis

  • 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 Chart analysis

  • 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.