Stock Market Chart Analysis

January 16, 2012

ICICI Bank Hour and 30 Minutes chart with 50 hour SMA, Channel and support level.
Price trading below 771 and 50 Hour SMA will be negative.

SBI has given a bearish daily candle. Price is closer to its 100 Day SMA and Golden ratio So chances of a correction is high from the current levels. Even if price moves up it has to close above the ichimoku cloud for a sustained up move to happen. Weekly chart is also closer to the middle bollinger band.
So in short SBI is giving negative signs close to resistance levels. But there is no breakdown yet. Price is trading well above its 5 Day High EMA so one shall wait for a close below 5 day High Ema to happen.
NIFTY WEEKEND UPDATE

Low volume up move shown in weekly chart.
Price closing in on weekly resistance line.
Bulls struggling to go pass 78.6% Fib level for the for the fall from 135 to 137
And most importantly RSI is turning down from very overbought levels which has resulted in correction.
Even if an up move comes that will be accompanied by negative divergence so an up move through these resistance lines is unlikely to last long.

For Bulls They have to do a large volume breakout above the resistance line, Even then the way Daily RSI is positioned does not favor big up moves.
IWM - WEEKLY RESISTANCE LEVELS (50 WEEK SMA AND GOLDEN RATIO)
DOW JOES WEEKEND UPDATE

Dow Jones made an attempt to close the week above the resistance line but got resisted and closed inside the weekly pattern.
Daily charts have started to diverge negatively as shown with Chaikin Money Flow Indicator. But as all divergence price needs to confirm for a sell to be triggered. Closing below 20 SMA will confirm the weakness.
Last chart also shows a possible rising wedge pattern. If 20 SMA is taken out by bears a correction towards the supporting trend line is possible. Price staying above the resistance line will negative the bearishness for a while.
IWM - WEEKLY RESISTANCE LEVELS (50 WEEK SMA AND GOLDEN RATIO)

First 3 charts show strong possibilities of reversal in favor of bears. Bulls can be saved if price decides to breakout above 50 Week SMA, Golden Ratio and Previous support level which might act as resistance again.
Breakdown level will be 74.66 which is shown in the last chart. Sustaining above 74.66 Bulls can make an attempt to move up. Bearish candles which closes below 74.66 may lead to bigger corrections. Bulls need to close days above 50 Week SMA level which is around 75.90.

NIFTY Daily managed to close above 50 Day Simple moving average not by a big margin though.
Bulls have managed to close the day and week above the falling wedge pattern which is good for them. For the coming weeks its simple for bulls they just need to protect 50 Day SMA on closing basis.
Bears need a false breakout. So price falling back into the pattern will give them big gains.
Weekly chart too has ended the week slightly positive. Price managed to close above 5 Week High EMA. 20 Week SMA is the next resistance seen in weekly chart if price manages to move up.

QQQ Channel is still intact.
50 Hour SMA is being tested. Hour closing below 50 Hour SMA will strengthen bears.
Breaking today's low 57.69 will be negative for bulls.
Cloud is yet to be tested.