- 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.
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- 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.
- S&P 500 4 hour chart with resistance and support lines.
- Index has broken the resistance line and has closed the day above the crucial resistance area of 1196.
- Index has closed near high of the day. So we may see a gap up opening tomorrow.
- 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
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