- S&P 500 Weekly chart shows negative divergence. Price is showing weakness in weekly time frame but no sell signal yet.
- Daily MACD shows a sell signal but has support at 20 week SMA and price support at 1636. These two levels has to break for a bigger fall to follow.
- One hour chart is trading below the cloud. Bulls may gain strength on moving back above the cloud.
- APPLE IN A DIAMOND PATTERN
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- Diamond patterns can go both ways. In this case since the pattern has come after a big down move bulls can expect a Diamond bottom.
- If the overhead resistance levels of 100 Day SMA and 20 Week SMA acts strong then this will be a continuation pattern which will help bears to extend the major trend of the stock.
- We may see a decisive breakout/breakdown in the coming week. Weakness below 434 levels and Strength above 453 level.
- FACEBOOK CHART ANALYSIS
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- SPY 30 Minutes chart shows a range between 163.95 - 165.90. Usually a range after a sharp down move is considered a bearish consolidation. So a breakdown below 163.95 is likely to happen.
- If price moves above 165.90 the cloud and 100 period SMA Shown here may act as resistance.
- SPY SHOOTING STAR
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