- Crucial resistance for SPY at 20 Week SMA (136.1 ).
- Crucial support in daily chart is the 20 Day SMA. There is a stochastic sell signal in daily chart which will be effective on price closing below 20 Day SMA.
- Weekly MACD Sell signal will be effective as long as price stays below 20 Week SMA. Bearishness can be negated if price starts to stay above 20 Week SMA.
- IBM WEEKEND UPDATE
- IBM Had a negative week.
- But price is falling towards 200 Day SMA Which is near 190 and 50 Week SMA Which is at 187.
- Weekly Lower bollinger band too is near the above mentioned levels.
- Weekly chart is still maintaining a positive structure. The current Higher low may form at 50 Week SMA which can be buying opportunity.
- Price closed the week above 5 Week EMA and 50 Week SMA thus sustaining momentum with the bulls.
- Now everything again comes back to the crucial resistance levels between 5180 - 5210. Weekly middle bollinger band at 5200, 50% Fibonacci level at 5200, 100 Day SMA at 5197, and a crucial support resistance band near 5180. For bulls the bullish engulfing in weekly chart is still valid although it had not given a follow up price structure still looks good for bulls.
- Daily close above 5200 will favor bulls.
- Apple near up trend line and 50 Day SMA. Sustaining above this level may give a bounce towards 590 levels. Breaking below the support line could target 566 levels for the day.
- ES one hour chart shows price falling below 50 and 200 Hour SMA.
- Four hour chart shows price trying to find support at the cloud. ES bears need price to break below the cloud.
- Last chart shows the inverted head and shoulders pattern which is still valid. Bears need price to stay below the 200 period SMA.
- BAC CHART ANALYSIS
- BAC Weekly chart shows price resistance at Middle bollinger band. Weekly close below this level will be negative for bulls of BAC.
- Daily chart shows resistance at 100 Day SMA. Fall will extend on breaking below 50 day SMA.
- Four hour chart shows a channel. Breaking below the channel may target 50 period SMA of four hour chart. Getting support at channel support line may save bulls of BAC from a bigger fall.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Crude oil weekly support at 74 - 75 level.
- Weekly chart forming a bearish M in chart or a Double top pattern which will be effective on closing below 74 levels.
- Death cross of crude oil too continue to do well for bears of CL.
- S&P 500 ANALYSIS AFTER CLOSING BELL
