Stock Market Chart Analysis: 10/03/12

October 3, 2012

Crude oil daily chart falls below 100 Day SMA again. Bears of CL need a close below this level for a bigger down move.
Daily chart also falls below the cloud, This also need a confirmation on closing basis which should add to the bearishness of Crude oil.
Immediate support levels or targets for the current fall are 88.95 and 86.90.

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Netflix daily chart shows resistance near 59.12 which is the 50 Day SMA.
Weekly chart shows resistance line at 60 levels.
Daily chart shows a Descending triangle pattern and a Triple Bottom bullish reversal pattern. Above 59 - 60 levels Triple bottom pattern will work well for bulls. Bears need to break below 52.80 levels for a possible breakdown.
S&P 500 ANALYSIS AFTER CLOSE

MSFT Weekly chart testing 50 Week SMA.
Stock has good support around 28 levels as shown in the second chart.
Last chart shows price sustaining below 50 and 200 Day SMA. If the down move continues Daily chart will confirm the Death Cross. A bigger down move possible below 28 levels.
S&P 500 ANALYSIS AFTER CLOSE

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Reliance weekly charts with cloud and 100 Week SMA. Attempted breakouts above these levels stands failed as of now.
Daily chart shows crucial supports at 824 and 20 Day SMA closing below these levels may result in correction towards 800 levels.
Reliance bulls need a weekly close above the resistance levels mentioned in first two charts for a bigger up move to happen.
S&P 500 EOD ANALYSIS

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One hour chart of SPX shows a possible Fast Rise setup developing. Last time when 50 Hour SMA came closer to 200 Hour SMA there was not price breakdown and bulls manage to breakout on the upside. This time if price does not fall below 200 Hour SMA we could see a similar result.
4 Hour chart shown with levels which should be taken out for bigger moves.
Last char is weekly time frame with recent MACD Negative divergences which resulted in correction and the developing Negative Divergence.