Stock Market Chart Analysis

February 12, 2012

Weekly resistance between 114 - 117.
MACD and RSI of daily charts showing weakness.
Closing below Crucial moving averages like 20 Day SMA may trigger a sell in daily time frame.
SPX WEEKEND UPDATE

Dell weekly chart has a bearish candle at resistance line. MACD Histograms in daily is setting up good negative divergence. MACD lines is yet to trigger a sell. Price closing below crucial moving averages may result in a correction.
SPX ANALYSIS

Citigroup closed in red on Friday after a Dark cloud cover pattern. Week candle too looks bearish. Falling below 32.64 level will target the 20 Day SMA. Bigger correction possible only if price closes below 20 Day SMA.
Last chart is the weekly time frame shown with a resistance line which was broken last week. Bears need to break below this resistance line for a bigger correction to unfold. Price staying above this resistance line will favor bulls for an up move.
S& 500 ANALYSIS AFTER CLOSING BELL

SPX Month continue to stay above the falling resistance line from 2007 High's. But price is yet to take out the horizontal resistance zone between 1360 - 1370 level.
Week candle is showing some doubts at the top. candles like these led to a correction as shown on the left side of the chart. SPX will be weak below 10 week EMA.
Weakness will be first visible in Four hour chart which is yet to happen. Price breaking below the 50 period SMA and the cloud will confirm a sell.

Dow Jones week and daily charts are showing weakness at previous resistance levels. Bears need the day and week to close at the current levels. Day closing below 20 Day EMA will be even better for bears.
An intraday rally and closing near day high's will help bulls to continue the trend.

Immediate support for ES is between 1329 - 1330 level and 50 Period SMA of four hour time frame. Candles closing below these levels may lead to an extended correction.