December 27, 2012

QQQ Chart update

  • QQQ 4 Hour chart shows a bearish and price below crucial moving averages.
  • 2nd chart shows price threatening to break the 4 Hour cloud. Sustaining below the cloud may extend gains for qqq bears.
  • Last chart shows potential Fibonacci support level for QQQ Bulls.

SPY Chart update

  • SPY Has broken below 200 Hour SMA.
  • Price is testing the 4 Hour cloud. More falls if cloud does not act as support.
  • Price also nearing 50 and 61.8% Fib levels.

USDJPY Month chart analysis

  • USDJPY Bulls are enjoying a big up move. 
  • But price is nearing serious resistance levels in monthly chart.
  • 50 Month SMA , 23.6% Fib level in monthly chart and previous resistance level around 87 has to be crossed for continuing this up move.

IWM Chart analysis

  • IWM Daily chart shows price near 20 Day SMA.
  • Weekly chart too shows support at 20 Week SMA which is at 82.26 level.
  • Last chart shows price trying to stay above weekly falling resistance line. For bears price should fall back into the pattern and below 20 Week SMA for a bigger correction.

RIMM Chart update

  • RIMM Daily trying to stay above the golden ratio area.
  • Up trend lines in daily chart also trying to stop the fall.
  • But for bulls reversing the effect of the weekly bearish engulfing is going to be hard work. They have to fade this engulfing pattern to resume the up move

NIFTY Intraday update


  • Nifty futures near the top of the range.
  • Breakout must happen on closing basis for a bigger up move to happen.
  • Intraday weakness near range top or a failed breakout may lead to a sell towards the lower end of the range.

NIFTY Chart analysis


  • Daily chart of nifty shows price still inside the range
  • Weekly chart with price and histogram shows clear negative divergence. Price is yet to give correction for this negative divergence.
  • Month chart is pausing at the upper bollinger band.