Solar and Bank charts on watch

Just a few days ago, shared charts of 2 solars: TSL and LDK, since then, LDK has broken down from 61.8% retracement level $8.84 and is now at $8.20, and TSL has broken 50% level and is now sitting on 61.8% retracement level at $21.71.  Another way of viewing it is that TSL is testing support of last August, and LDK is testing the September breakout level as support.  Adding to solar perspective, FSLR has broken down the 61.8% level early May as well, it is testing the lows in last August and December, and is forming a downward wedge (2/3 chances of being bullish).

Canadian Solar is in a similar shape:

Going to banking sector, Bank of America is doing a similar thing:

Trina Solar (TSL) and LDK Solar (LDK) chart update

LDK and TSL both are selling off today, TSL is sitting on 50% retracement level of July-Dec rally, LDK is sitting on 62.8% retracement level of July-Dec rally.  The sell-off recently was sparked by Italy's withdrawing subsidy impacting the industry's fundamentals.  Are investors over-reacting?  Are the worst news already priced in?  If these levels will hold, then yes, otherwise no, we will find out in next few days.

TSL

LDK

US market charts update

Today major US indexes except Dow are sitting right on the support dated back to last September, it's also the lower end of upward trending channel.  Dow is in a better shape, but is also sitting on 50 day MA.  Is a strong rally about to start?

NYA

S&P 500

DJIA

NASDAQ

US market chart update

Update to previous analysis: it seems the recent term target of major indexes is to reach 50 day MA.

S&P 500

NASDAQ

Dow

US market chart analysis

Chart analysis of Dow 30, NASDAQ and S&P 500 indexes of US market.  While mid-March low proved to be lower end of upward sloped channel dated back to Sep'10 for all indexes, developments after mid-March differ for different indexes.  The recent new high reached in early May was at the upper end of upward trending channel for Dow, but was at the mid-point of channels for S&P 500 and NASDAQ.  We will keep a close eye on the next dip before bullish breakout.

Dow 30

S&P 500

NASDAQ

S&P 500 Volatility Index (VIX).  Since 2008 crisis, VIX has been trending in a descending triangle, will this correction lead it to go up and test the upper end of the triangle.  We should keep a close eye.

Silver ETF (SLV) chart analysis

Possible scenario: going to form a flag pattern, recent high at $48 is the flag pole, recent descent is in search of lower side of flag.  Significant levels to watch in next couple of days: $36.4 and $32.71

Monthly Intraday Charts for SPY and SSEC: 2011-04

This is a monthly series of intra-day charts for S&P 500 (SPY) and Shanghai Index (SSEC) for April 2011

SPY

SSEC