June 24, 2010

DOW JONES HOUR CHART
S&P 500 HOUR CHART


NASDAQ HOUR CHART


  • I have shown the hourly chart of Dow Jones, Nasdaq and S&P 500.
  • All the 3 charts has 50 Hour SMA and Ichimoku cloud shown with it.
  • Looking at the 3 charts Dow Jones looks better than the other two. Dow is still to break below the cloud.
  • Nasdaq is trying to break out of the channel and has to go through the cloud to reverse the trend an uphill task.
  • S&P 500 looks the weakest of the lot.
  • Above is the S&P 500 Hour chart with 50 Hour SMA and 20 Hour SMA.
  • The index is trading in a down trending channel.
  • Right now the price took support at the channel bottom line.
  • As long as the price remains inside the channel and below the 20 Hour SMA sell on rise can be continued
  • S&P 500 Looking weaker than Dow Jones in hour chart.
  • It is trending down below the 50 Hour SMA.
  • And now that it has closed below the Ichimoku cloud in hour chart it will take a big effort from bulls to pull the index up above 1086.
  • yesterday mentioned about 1086 being an important support on closing basis. A close below 1086 means going to 1071.
  • But if the index manages to make a pull back through the bottom of the cloud, The bulls may try to stay above 1086 at least on closing basis.
  • Dow Jones Trading well below the 50 Hour SMA.
  • The index is also trading near the bottom of the ichimoku cloud.
  • An hourly close below the cloud would be bad news.
  • 10260 is an important support on closing basis so Dow May try to close above 10260.
  • For that the bottom of the cloud should give it support for an intraday rally from here.
  • EUR/USD has give away half of the gain it had managed over the last two day's.
  • Now it is trading below the 50 Hour SMA.
  • The Pair tried to go above the Ichimoku cloud in hour chart. But got resisted at the top of the cloud.
  • It seems on every rise this pair is getting sold off.

U.S index futures are trading negatively and pointing to a lower opening for indexes like Dow Jones and S&P 500. European indices are also trading with a negative bias.
Traders in Europe were disappointed by the Federal Reserve statement which did not take a positive stand on economy and Europe.
According to a Draft G20 document world leaeders who are going to meet this week are not going to be positive on global economic recovery and are concerned about the huge costs of stimulus hitting the long term growth.
Important results are to be announced including that of Oracle.
GLOBAL MARKETS UPDATE

MARKETS

CURRENT
LEVEL

CHANGE IN PERCENTAGE

UK 100

5140

-0.74%

France 40

3599

-1.15%

Germany 30

6154

-0.80%

JapanNI225

9928

+0.05%

Hang Sen 40

20733

-0.59%





  • SP 500 has held 1088 which is a minor support.
  • SP500 is looking weaker than Dow Jones.
  • The index has closed below the 50 day moving average and the 200 day moving average for the second time during this week.
  • And yesterday the index broke from 1108 from what looks like a pattern which can create a top at least in hour chart. Let's see how it reacts at 1108 if it gets there.
  • DOW JONES CLOSING BELL ANALYSIS
  • Nifty futures chart with ichimoku cloud.
  • After breaking down from a triangle like pattern it is now getting support from the cloud.

  • Nifty futures four hour chart
  • Shows the beak down from an important trend line.
  • If it closes near the days lows it will be negative for the next few days.
  • If euro reverses its current down move bulls of nifty has a chance.
  • EUR/USD is giving up the gains of last two days.
  • The pair is not able to sustain above the hour cloud.
  • The shining gold may loose its shine in the coming months.
  • Monthly chart of gold is showing a raising wedge pattern.
  • May give a break down in the next 3 or 4 months. Those who plan to invest in gold should be cautious at this point of time.
  • Gold as everyone knows is trading at its all time high so if the supporting line breaks down we can see good correction in gold prices.
CLICK ON THE CHART TO ENLARGE
  • Eur/usd has been moving up after a breakout in hourly chart
  • If the pair manages to close above the hour cloud it will be positive for the index.
  • Closing above the recent high of 1.24 can give 1.26
  • If the rally continues it will be good news for the U.S markets and for the rest of the financial markets.
  • DOW JONES END OF DAY ANALYSIS
  • S&P 500 END OF DAY ANALYSIS


  • Nifty daily has been closing above the 5 day high EMA for the last 9 days.
  • So weakness can be spotted on a closing below this average.
  • There is an inside pattern or a Harami that has emerged in daily chart. So there is indecision in charts. How will this end as a bullish Harami or a bearish Harami ?.
  • In daily chart price is firmly above 50 and 200 DMA's.
  • DOW JONES END OF DAY ANALYSIS
  • S&P 500 END OF DAY ANALYSIS




  • EUR/USD hour chart is trying to show a positive picture.
  • one candle has closed above the 50 hour SMA.
  • And it is right in the middle of the ichimoku cloud.
  • Closing above the cloud will be positive for the short term.
  • But closing above the cloud will not be easy, the pair will face stiff resistance.
  • Dow jones 15 minutes chart showing a triangle break down.
  • The target was more than 200 points from the point of break down.
  • And the target was almost achieved

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore