July 8, 2010

Dow Jones finds resistance at 50% fib level

  • Dow jones Hour chart with fibonacci ration for the recent fall from 10593 to 9614.
  • The index is finding resistance exactly at 50% retrace level, that comes around 10100.
  • If goes above this level with good volume the index will regain 10200 level where the next fib level of 61.8% is situated which will act as the next resistance
  • Look how the fib ratio is coinciding with the important resistance level of 10200 for Dow Jones.
  • S&P 500 END OF DAY ANALYSIS

S&P 500 Analysis after closing bell

HOUR CHART

DAILY CHART

HOUR CHART
  • I was expecting 1046 to put up a fight against the bulls but that was blown away in seconds.
  • Now in daily chart it has captured the 10 DAY moving average.
  • Next resistance will be around the 20 DAY moving average. still trading below 20 and 50 DMA which will be selling points. 
  • The hour chart is also showing a possible 20 hour moving average crossing 50 hour moving average which will also add some more bullishness to the index.
  • SHOWED  POSITIVE DIVERGENCE YESTERDAY CLICK HERE TO SEE THE CHART

A grave stone Doji

  • Nifty futures has given a grave stone doji
  • When it comes at the top of the trend it is negative.

Three important resistance points for niftyfutures

UPDATED CHART
  • Nifty futures got resisted at 5337 as expected
  • It seems it will take another strong wave of buying to take out 5337 and 5350
  • Three important resistance points that nifty futures must stay above.
  • 5337 is the first one above that it is 5350 and 5371 respectively.

Nifty Futures hour chart gets a gap up

  • Good gap up seen in nifty futures.
  • The GAP may not be filled fully if bulls are stronger they will be hoping this turns out to be a runaway gap. But a pull back can be used as a buy on dip opportunity.
  • For a sustained up move till 5400 and above nifty futures and nifty spot should close around 5300 today.
  • The weekly close tomorrow is also important a weekly close above 5300 will be very positive.
  • NIFTY INTRADAY AND 5 DAY LIVE CHART
  • NIFTY DAILY CHART ANALYSIS

Nifty daily chart analysis

NIFTY SPOT DAILY CHART
NIFTY SPOT WEEKLY CHART
NIFTY FUTURES HOUR CHART
  • Nifty daily chart is showing a consolidation triangle like pattern which will give direction soon
  • Nifty weekly chart is looking weak because of bearish candlestick patterns. But that can change if nifty manages to close near 5300.
  • Nifty futures hour chart is holding on to its support at 5035-5050 lets see if holds.
  • The S&P 500 and Dow Jones closed more than 2% up see the end of day analysis for those indexes below.
  • Dow jones end of day analysis
  • S&P 500 analysis after closing bell

Dow jones end of day analysis

DAILY CHART
WEEKLY CHART
  • The channel in daily chart is broken decisively.
  • It is now trading above the 10 day moving average and the current momentum should take it pass the 20 DMA. 
  • So if the week trades successfully above 10000 the real test for the bulls will be at around 10200 that's were the 50 WEEK moving average is standing now. 
  • And there is a down trend line i have drawn in the weekly chart so crossing there two points will be quite an achievement by the bulls.
  • S&P 500 analysis after closing bell