Stock Market Chart Analysis

December 21, 2015

ES 4 hour chart shows price near support line. Bulls need price to stay above 50 Hour SMA for a decent bounce to happen from the current levels. Week is testing 100 Week SMA, Bulls need to stay above this line too to avoid bigger correction.

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Nifty month chart shows price getting support @ 38.2% Fib level for now.
Weekly chart too shows the bounce from recent swing low, But the bounce is happening below the falling resistance line from 9119. As long as price stays below this line weakness can resume.
4 Hour chart shows immediate resistance levels. Price for now is pausing at 38.2% Fib level. If bulls manage to cross this area then the swing high of 7972 along with 50% retrace zone may act as stiff resistance level.

Crude oil month chart shows price testing multi-year lows. Weekly chart shows a possible support line which is getting tested. If this line does not hold then CL should test 32 levels soon. If the support line holds then the positive divergence may come into play to give a decent bounce for crude oil.
S&P 500 WEEKEND UPDATE

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SPX Weekly chart shows price bulls trying to hold above 100 week sma.
Fib levels and support zone shown in other charts also shows crucial price level around the same area. So its crucial for bulls to defend this 1990 - 2000 price zone.

ES bulls need price to move back above the cloud for a reversal to happen from the current levels.

Apple weekly chart shows a descending triangle pattern. It also looks like a Head and shoulders pattern. The right shoulder got resisted at 50 Week SMA. Now price is likely to test 104-105 zone which is a crucial support. For bigger correction this level must break on closing basis. 4 Hour chart shows immediate support level at 107.30
S&P 500 Futures after closing bell

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ES Daily chart is approaching crucial support zone and Round number near 2000 levels. For a bigger fall bears need to stay below 1980 - 2000 zone on closing basis.