- Weekly stochastic sell signal and bearish engulfing will favor bears to extend gains.
- For bulls though if 50% Fib level and 20 Week SMA gives support a bounce is likely. More weakness below 5850 levels. Strength only on sustaining above 5970.
- S&P 500 WEEKEND UPDATE
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- APPLE Monthly chart shows the Bullish Doji still valid But followup price action is sluggish. Price has to sustain above 465 for a bigger up move to follow.
- Weekly chart too looks bad for bulls. Up move from 385 has not moved up much while the indicators are fast reaching overbought which is usually bearish.
- Daily chart needs to hold above 50 Day SMA and Ichimoku cloud to avoid a bigger correction. First sign of weakness on daily close below 50 Day SMA.
- S&P 500 WEEKEND UPDATE
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- SPX Week has formed a bullish hammer candlestick at the up trend.
- Immediate resistance in daily chart at 20 Day SMA. A daily close above 20 SMA will add strength for the bullish candlestick formation.
- Earlier bears needed a close below 5 Week Low EMA to weaken the prevailing trend which did not happen. Price managed to bounce and close near the high of the week.
- FACEBOOK TREND UPDATE
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- Facebook one hour chart continues to trend below the cloud and 50 Hour SMA.
- Daily fib levels shows price heading towards 78.6% Fib level.
- APPLE SUPPORT LEVELS
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- APPLE Taking support at 50 day sma.
- Fib levels shows support at 38.2% Fib level.
- For the major trend to resume price must trade below the above mentioned levels and Daily ichimoku cloud on closing basis.
- SPY Near 100 Hour SMA.
- Price testing Hourly cloud and crucial fibonacci levels.
- Weakness at these levels may give selling opportunity.
- ES Four hour chart shows price pausing at 200 period SMA.
- One hour chart shows price nearing a resistance line.
- Unable to sustain above these levels may resume the fall.
- S&P 500 ANALYSIS AFTER CLOSING BELL
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