December 11, 2012

QQQ Trend update

  • QQQ Testing the neck line of an inverted head and shoulders pattern.
  • Daily chart has moved above 50 Day SMA.
  • Price in daily time frame is at the Daily cloud.
  • Bulls need a daily close above the neck line and 50 SMA for extending this up move. Sustaining above the daily cloud may lead to a bigger up move.

SPY Trend update

  • SPY Daily chart hits resistance line
  • Price testing daily cloud.
  • Daily chart moved above Golden ratio. For bulls price should sustain above 143.68 levels for a possible test of 78.6% Fib level.

CISCO Violating resistance levels

  • CISCO Daily chart breaking resistance levels.
  • Weekly chart sustaining above falling resistance line
  • Only negative here for bulls is the stocks recent attempts to sustain above 200 Week SMA which has failed.  

BIDU Resistance levels

  • Bidu testing the channel resistance line in daily chart.
  • Price also near 20 Day SMA.
  • For this bounce to continue price should close above the resistance line and 20 Day SMA. Negative daily candle should resume the fall.

ES Cloud breakout and resistance lines

  • ES Daily chart with ichimoku cloud shows a cloud breakout. Bulls need a bullish candle to confirm the breakout.
  • Next chart also shows the potential resistance lines for bears. 
  • Last chart shows the hourly time frame with the ascending triangle pattern.

TCS falls below 200 SMA.

  • TCS has closed below 200 Day SMA.
  • Daily chart is also showing a range breakdown. Range was for 92 points so we can expect a similar move to the down side if price sustains below 200 SMA.
  • Weekly chart with up trend line may save bulls from a bigger fall.

S&P 500 Analysis after closing bell


  • SPX Yet to cross the crucial resistance band of 1422 - 1426 level as shown in first chart.
  • Daily chart also near Golden ratio.
  • Price managed to close above 50 SMA But price action does not look convincing for bulls yet.