- Dow Jones weekly chart.
- Index is trading near 11400. So in all likelihood Dow will close the week above 11257.
- close above 11257 will confirm a breakout in weekly chart as well.
November 4, 2010
- ES Weekly chart with likely resistance and target levels
- 1212 will be the next level for index to cross.
- If a weekly closes above 1212 happens ES will target 1237 above 1237 the next target is at a distance which is 1290.
- For now ES should close above 1212 for sustaining the up move.
- SPX ANALYSIS AFTER CLOSING BELL
- NF closing above 6271 should be good for the bulls of nifty.
- 6271 was the highest closing price in recent times for nifty futures.
- NF is trading near 6290 region now. So closing should be above 6271 and near the high of the day which is enough to hold the longs for next week.
CLICK TO ENLARGE THE CHART
- The trend line drawn from the low made in july 2008 is acting as resistance.
- Last month high of 6284 hits this trend line and has given a correction.
- Drawn this to show that past history in stock market does help in predicting the future.
- Bulls should have stayed above 1196 for crossing 1200 which has not happened.
- Below 1187 bears will become stronger
- If price stays between 1177 and 1187 it may not be too bad for the bulls They can try for a fight back before end of day.
- If price breaks 1177 that will be negative news for the bulls and may lead to a complete reversal of the trend.
- The gap is filled.
- SPY 5 minutes chart with the GAP which is getting faded.
- If price breaks 118.93 today the GAP will be filled by the end of day.
- Price is showing resistance at 119.34 break above 119.34 will take it to 119.76. Till then price will remain in this range of 118.93 to 119.34