August 12, 2012

Bank of America Weekend update

  • BAC Weekly chart shows resistance at 20 Week SMA. 
  • Price also near falling resistance line and Horizontal resistance zone of 8.20 - 8.35
  • Daily chart has a golden cross which will do well if the range shown in last chart gives an upper breakout. Breakdown from the range will negate the bullishness of this crossover.

SPY Weekend update

  • SPY Daily chart shows negative divergence with price and MACD Histogram.
  • If the channel is intact this steady up move will continue. For bears need a channel breakdown for a bigger correction to happen.
  • Weekly resistance levels for the coming week are 142.21 and then the resistance line of the pattern shown in last chart which is near 144 levels.