SP 500 (SPX) Technical Analysis 2012.04.20

The price evolved in the last couple of weeks in a bullish channel that seems to have a corrective slope.

The better than expected earnings of US companies are now less important than the worse numbers in jobless claims and high yields in Spanish bonds.

Technically speaking, the mid-term correction (started early in this month) is still in progress and another wave down could be soon triggered. The target (measured in 3 different ways) is in the $1,321-$1,327 area but before that there are the $1,358 and $1,340 support levels. 

PREVIOUS ANALYSIS HERE: http://markettechnicalview.blogspot.com/2012/04/sp-500-technical-analysis-20120418.html

AT&T (T) - bearish scenario. 2012.04.20

The rising wedge pattern is one of the best patterns due to the high chances of predictable outcome. AT&T has formed a rising wedge in the last 6 months and the bearish scenario is in progress.

The T1 trend line is acting now as a resistance but the $31.00 area seems to be the selling point this week. The sellers domination could continue towards the $30.00 level and $29.70 level.

PREVIOUS ANALYSIS HERE: http://markettechnicalview.blogspot.com/2012/04/at-strong-resistance-at-3200-20120409.html

General Electric (GE) resistance at $19.50. 2012.04.20

The shares price of General Electric dropped a couple of weeks ago when it broke the T1 trend line.

This current correction comes after a 5 wave rising move that started in early October 2011 and ended in March 2012. The 30M volume (march 16^th) was the largest in the last 6 months and it contributed to the creation of the local top at $20.23.  

The previous analysis (http://markettechnicalview.blogspot.com/2012/03/general-electric-ge-rising-wedge.html) stated that the $19.50 level is critical and now it is acting as a resistance. On the short term (the last couple of weeks) a bullish channel has been created that seems to be a corrective move.

The target zone for the next period is in the $17.20-$18.00 zone.  

Crude Oil (WTI) Technical Analysis 2012.04.19

The Crude Oil (WTI) evolved in a bear channel in the last couple of months and on the short term (last couple of weeks) the price formed a bullish channel.

The most important resistances in the next days are the T3 trend line and the $105.30 horizontal level. In case of a break above the T3 line, a retest of it as a support could be seen before the trend resuming. The main target on the short term (less than a month) is at $108.00 level.  

IBM is facing more weakness. 2012.04.19

The last session on IBM shares lead to a drop of 3.5% on a relevant volume and the chances are that this correction would last for another few days.

The most important trend line on the mid-term is T1 and the target/support zone is set in the $194.00 area, where the December highs were formed and the 50% retracement of the January-March up move stands.

  

AUDUSD long scenario. 2012.04.18

There has been a break and retest of T1 descending trend line that provides strength for the bulls. The 1.0320 area is a good support now as it was a previous local high and then a local low.

On a longer term, the 50% retracement level of the November-February up-swing provides a good support. The target on the mid-term is set in the 1.0800 area.

SP 500 Technical Analysis 2012.04.18

The S&P Index broke below the T1 trend line on the mid-term and created lower lows as the Stochastic oscillator stayed in the oversold area for a few days.

In the past few days a bull channel has been created and the price action resembles to a corrective move. The Fibonacci retracement levels are representing resistances for the price and the overbought condition for the stochastic oscillator represents a potential sell signal.

However, in these days the market is driven by the company’s earnings for the first quarter of 2012 and most of them were above expectations until now.    

Bank of America shows good support at $8.90. 2012.04.18

The previous analysis of Bank of America in late March (http://en.goldring.ro/analysis_details.php?analyse_id=2366 ) signaled a potential short term correction that actually happened.

The support zone in the $8.40-$8.90 area was reached last week and this could be a good area for the investors to buy stocks. The mid-term target on the up-side is in the $11.00 area but the first target is at the previous highs, in the $10.00 area.

An eventual rising session backed-up by relevant volumes will give more clues for a trend resuming.