Stock Market Chart Analysis: 05/09/12

May 9, 2012

ES Daily yet to break the 23.6% Fibonacci level.
Four hour chart shown with support and resistance lines which may give crucial moves.
Hour chart shown with Ichimoku cloud which is acting as resistance till now. Price if moves above the cloud will result in a decent bounce.
Break below the support line may result in an extended fall with price breaking below 23.6% Fib level shown in daily chart.
S&P 500 ANALYSIS AFTER CLOSING BELL

Price near 78.6% Fibonacci level. If this is broken price may fall below 28.
For bulls of silver the dotted trend line shown in the weekly chart may give a bounce. If the bounce does not come this fall may extend towards the red horizontal line shown in the same chart.
GOLD VIOLATES LONG TERM TREND LINE

First chart is the multi month resistance line of USDINR with resistance line. Price is testing this resistance line for the second time within a span of 6 months. There is a chance of a breakout which needs to be confirmed with a monthly close above the resistance line.
Daily chart is shown with the recent resistance level. Daily and Weekly close above this level may give 56-57 levels.
Weekly chart and MACD has started to diverge. For a confirmation price need to breakdown which is not happening. Price may give newer high's before the divergence shows its effect.

Gold Weekly chart is violating the long term support line
Bears of gold need a close below this line for a continuous down move to happen
Price is also nearing the weekly support line which is crucial support, 1522 is the next crucial level that has to be broken for a bigger down move to happen.

Bearish cross of daily chart between 50 and 20 SMA continues to be effective. Add to that price fell below 200 SMA which becomes an important resistance level. The attempted up move was stopped near this level.
Last chart also shows price below 20 Week SMA.Till the resistance line of weekly is not taken out bulls have no chance of a reversal.
S&P 500 EOD UPDATE

SPX Week chart is testing 20 Week SMA. For now price managed to stay above 20 Week SMA.
Breach of 1357 gave 1347 But price manage to came back and close above 1357. The long shadow of the daily chart shows buying support at lower levels.
Despite the up move it doesn't look convincing for bulls as they trade below crucial moving averages. So for bulls 50 and 20 Day SMA has to be taken out for a bigger reversal to take place.
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