May 2, 2014

Bank of america chart update

  • Bank of america daily chart staying below 200 SMA. Price has to move back above this line to avoid a bigger correction
  • Weekly chart shows price pausing at 23.6% Fib level and recent resistance level which is trying to act as support. A weekly bullish candle at this level may save BAC bulls from bigger fall.

CRUDE Oil chart update

  • Crude oil daily chart shows price trying to hold above the 200 Day SMA
  • 4 Hour chart too shows price trying to hold above crucial support zone which was discussed yesterday.

ES Chart update

  • ES 4 hour chart shows price testing resistance zone.
  • Yesterday's support level of 50 Hour SMA continues to work well. Only an hourly close below this level can give a bigger fall.

SPY Analysis after closing bell

  • SPY Daily chart shows price near resistance zone.
  • Weekly chart shows the up trend still intact. The negative divergences has failed to perform as shown in last chart. Chances of an upper breakout is high again.