October 13, 2010

  • S&P 500 has violated the resistance line of the broadening pattern.
  • Index trading above 1176 will be positive for the bulls.
  • DOW JONES NEAR 11200
  • Dow Jones is closing in on 11200 its next target.
  • This up trend is expected to cool down near 11200.
  • Dow Jones futures daily chart.
  • Price broke out above 10973 level today. Now it is trading above 11000.
  • If futures continue to trade above 11000, Dow Jones Spot price may achieve its immediate target of 11200 soon.
  • S&P 500 Hits the resistance line of the broadening pattern
  • Price if continues to rise will mean a breakout from the broadening pattern which will be very positive for the bulls
  • 6246 BROKEN. First target will be 6300. 

  • NIFTY Futures has taken out most of the resistance levels in-between 6090 and 6246.
  • 6246 will act as resistance now.
  • If price breaks out above 6246 and trades convincingly we can expect 6300 as the first target.
  • This post is a continuation of the NF range posted last week CLICK HERE TO SEE IT
  • Nifty has violated the hour trend line where it has been finding resistance.
  • 6187 of  Nifty futures is the main resistance. Minor resistances at 6158 and 6165
  • 12363 is an important support for bank nifty.
  • The trend line which was mentioned in the bank nifty's weekend post has given support SEE IT HERE
  • Nifty spot 6071 area was tested Yesterday. But on closing basis the level is yet to be broken.
  • Yesterday's correction was followed by the bearish candle formed on Monday. But price is  yet to make a close below 5 day low ema.
  • Dow Jones futures daily chart is showing resistance at 10973.
  • Today despite the good move. Index was not able to cross the resistance area of 10973.


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"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