Stock Market Chart Analysis

October 25, 2016

Crude oil testing channel support line
Price if stays below the cloud will favour crude bears.
Crucial support zone is between 49.10 to 49.60. Bigger falls only if price stays below this level.

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Weakness in 4 hour chart only if price starts to trade below the channel.
Weekly chart is also testing crucial resistance zone. Crude bears need a bearish candle at this levels for a bigger correction to follow.
Things are simple for bulls they need to do a breakout for the weekly head and shoulders pattern .
S&P 500 Analysis after closing bell

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First chart shows price contraction. Should result in a bigger up or down move from the apex of the pattern.
Immediate resistance at 2140 zone and 100 Day SMA.
Support levels are between 2100 and 2120 zone.

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ES 4 hour chart shows a bullish ascending triangle pattern.
First chart also shows price testing previous support zone which may act as resistance. Sustaining above 2140 may result in a bigger up move.
Weakness at 2140 may take price back towards 2120 levels.

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Weekly chart shows price staying below the resistance zone between 51 - 52.
4 Hour chart price contraction. Staying above the cloud of this time frame will keep bullish strength intact.
Weakness if price starts to trade below 4 Hour cloud.

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ES Bulls continues to hold above the support zone between 2100 - 2120. Bullish structure in bigger time frame like weekly chart will continue to remain strong if price stay above the support zone.
Daily time frame shows little weakness as price stay below 100 Day SMA. Bears need follow up here by breaking below 2100 for bigger falls to happen.

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Daily bears unable to close below 2120 zone.
Bears for now has manged to stay below 100 SMA. More weakness if price continues to stay below this line.
Weekly chart continues to show strong support near 2100 zone. The overall structure will remain bullish if price sustain above 2100 levels.

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