March 19, 2013

S&P 500 Futures chart update

  • Bulls are getting support at 100 Period SMA of four hour chart as shown in first chart. Bears need to break this level for extending gains.
  • Second chart shows immediate price support levels.
  • Last chart shows Fib support levels.

APPLE Chart update

  • Weakness at 50 Day SMA and four hour cloud.
  • Price falling towards 200 Hour SMA. More weakness if 200 Hour SMA Does not hold.

CRUDE Oil update

  • Crude oil daily chart getting resisted at previous support level.
  • Broken 50 day sma too is acting as resistance.

APPLE Chart analysis

  • APPLE Daily chart has violated the down trend line from 705 levels.
  • Price is nearing Daily upper bollinger band and 50 Day SMA.
  • Daily close above 50 SMA and Upper bollinger band may help bulls to extend this up move.

ES Chart analysis

  • ES bulls continues to struggle at 78.6% Fib level and the channel support line.
  • Price is staying above crucial moving averages as shown in last chart.
  • For bears price sustaining below 50 Period SMA may lead to a bigger fall.

S&P 500 Analysis after closing bell

  • SPX Daily taking support at 23.6% Fib level.
  • Second chart shows price testing middle line of the ascending channel. Price has to close below this line for bears to have a correction towards 1530 levels initially.
  • Weekly chart shows negative divergence with price and rsi. RSI falling below 70% line may give a bigger fall. 

COPPER Triangle breakdown

  • Copper has broken the support line of the weekly triangle pattern.
  • Daily chart shows price testing crucial support level.
  • Sustaining below 3.39 levels may push price down towards 3.27 levels.

ES Update

  • ES bulls need to break above 78.6 % Fib level and Hourly cloud to extend the up move.
  • Broken channel support line is also acting as resistance.
  • Unable to clear the above mentioned levels may lead to a correction.