- SLV Daily chart shows price near a possible support line with oversold RSI.
- Recent oversold RSI and price dips to the support line has resulted in an up move. Now price and RSI is showing a similar alignment.
- Last chart shows Death cross which may invalidate the above bullish possibility.
- GLD WEEKEND UPDATE
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- First chart shows a weekly falling resistance line which may act as support now. Price is also falling towards horizontal support zone of 148.27 levels.
- Horizontal support zone near 148 is also the Golden ratio. Last chart shows oversold weekly RSI.
- Oversold readings and Crucial support zone may give a long trade in GLD in the coming weeks.
- IWM Weekly fib levels shows price bouncing from 23.6% Fib level.
- Next two charts also shows critical support levels which bulls must protect to avoid a bigger fall.
- S&P 500 ANALYSIS AFTER CLOSING BELL
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- Facebook daily chart shows price trying to move up from near 100 Day SMA.
- But bulls were unable to close the day above 20 SMA. If the up move continues 50 SMA will also act as resistance. There is a bearish cross in chart with 20 and 50 Day sma which will favor bears.
- MACD may give a Buy signal But price has to sustain above 20 sma for it to do well.
- S&P 500 ANALYSIS AFTER CLOSING BELL
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WEEKLY CHART
DAILY CHART
- IT's a fight between the Higher Time frames and Lower Time frame. Weekly chart says price in a range at the resistance line and a correction may follow But Daily chart shows an up trend with corrections which can be bought for an upper breakout or continuation of the trend. SPX 30 Minutes chart also shows an Inverted Head and Shoulders pattern which is also supporting a short term bullish move.
- But one has to be cautious with longs because if higher time frame starts to play out then Bulls will be in trouble.
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APPLE BEARISH PATTERNS
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- Apple one hour chart shows a Bearish head and shoulders breakdown.
- 30 Minutes chart too is going down from a diamond pattern which was discussed yesterday.
- Now Bulls must trade above 440 levels for false breakdowns and a faster up move to happen.
- Week closing near the lows will extend bearishness into the coming week.
- COPPER Weekly chart testing symmetrical triangle's support line.
- Daily chart shows price falling to a support zone.
- Daily chart also shows possibility of a Bearish "M".
- If price takes support near weekly triangle support line then an up move is possible thus invalidating the above bearish possibility.
