Dow Jones futures 4 hour chart with trend line and resistance line.
The trend line was violated after yesterday's close But 10300 level has given good support for the index.
Now the important levels to watch out in Dow Jones futures is 10400 at the top and 10300. Violation of these two levels can give good direction for the short term.
Breakout from the apex of this pattern can give good direction.
Normally these kind of patterns break the support line and gives a correction. But nifty hasn't shown any weakness till now. So both trades are possible from here.
Those who are long from sub 5500 can hold their longs with trailing stop losses. Fresh longs are possible only after a breakout.
Breach of the hourly trend line can trigger a short sell. A bigger short trade is possible if 5566 is broken in NF.
The breakout in nifty's weekly line chart is still intact.
Only if nifty comes below 5530 the breakout will be in trouble.
As long as nifty maintains above 5530 - 5550 Bulls does not have any problems.
Yesterday's price action shows indecision. As if market is waiting for something to happen. We can expect good movement in either direction in one or two day's.
S&P 500 daily line chart is showing a triangle formation with the price at the moment resting near the top of the triangle. If it gets resisted here the index will come down to levels of 1050.
If it gets a breakout S&P 500 will rally to the recent high of 1130.
Moving averages are favouring bulls at the moment with price trading above 20 and 50 DMA, But that can change in one or two trading session as we have seen in the past. 20 dma has crossed below 50 dma which should keep the bears interested.
