- Daily chart of apple has given a Hammer, Hammer does not look perfect But the volume for the day looks good. Bulls need more up moves to confirm this reversal pattern.
- Weekly chart shows Stochastic in oversold zone. For this setup to work in favor price must sustain above 522 levels.
- Finally the hour chart shows price continuing its stay below the cloud. Price must trade above the hourly cloud for a bigger reversal to happen.
- S&P 500 ANALYSIS AFTER CLOSE
November 17, 2012
- SPX Closed the week below the Rising wedge pattern.
- Price is testing 50 Week SMA. Bears need a full weekly candle below 50 Week SMA to confirm a bigger breakdown. But for now the shadow of the current weekly candle suggests of an oversold bounce.
- Bulls also has the support of the Golden ratio. But this bounce may not be a bigger one unless price decides to move above 200 and 20 Day SMA quickly.
- ES CHART ANALYSIS