May 15, 2012

QQQ Chart Analysis

  • QQQ Daily chart shows price near 100 Day SMA.
  • Hour chart shows resistance near 50 Hour SMA and between 64.86 - 65.07
  • Possible falling wedge of Hour chart may help bulls of QQQ if price able to stay above 50 Hour SMA.
  • For bears of QQQ close below 100 Day SMA will extend the correction of daily chart.

APPLE Chart Analysis

  • Price in daily chart is near the apex of a contracting pattern which may result in bigger moves on breakout.
  • Apple daily near support level of 555. If price gets support here an up move possible.
  • Crucial support for this week is the 20 Week SMA and 38.2% Fibonacci level. Breaking 555 should take Apple towards 20 Week SMA.
  • Hour chart sustaining below the hourly cloud will favor bears of Apple.
  • For bulls price has to sustain above 578 for a turnaround in favor of bulls.

SILVER Trend update

  • Silver four hour chart with 20 period SMA Shows the strength of this trend. Price unable to trade above this level.
  • Price is also moving down in a channel unless price trades above the resistance line of the channel. Trend will continue to be strong on the down side.
  • Price is also testing a crucial support line in weekly chart. If the line does not hold then the correction will extend. Bulls of silver should hope for a false violation of the support line followed by an up move.

Nifty Intraday update

  • Nifty hour charts with resistance levels.
  • 4970 - 4990 level may act as resistance. For now 50 Hour SMA too is in this band. For a possible trend change price has to breakout above the cloud.
  • Nifty will favor bears below 4906.

NIFTY'S Death and Golden crosses

  • First chart is the daily time frame with Death and Golden crosses. Towards the left side of the chart we can see a death cross and a trending up move which went above 50 and 200 SMA But the death cross was still intact and went on to perform well for bears. Now we have a Golden cross and a similar trending move which is below 50 and 200 SMA. If this move does not trade below 80% Retrace level we may see an up move anything more than that may lead to a complete reversal and a failed Golden cross.
  • S&P 500 EOD UPDATE

S&P 500 Analysis after closing bell

  • SPX Week is trading below 20 Week SMA. Bears will be stronger on closing the week below this level.
  • Daily is breaking crucial support and fibonacci levels.
  • Four hour chart is shown with recent broken support levels (1357 - 1358) which may act as resistance levels. 20 period SMA for this time frame too is acting as resistance.