November 11, 2010

  • SPY got support near 120.67 which was yesterday's low point.
  • Resistance is seen at 122.
  • There are two partially filled GAP's in the chart.
  • Break of 120.67 may fill the GAP which is below the price.  If gap above gets filled price may find it tough to cross 122.
  • DOW JONES ANALYSIS AFTER CLOSING BELL

  • 11247 area may give support for the index.
  • Below 11247 level the black dotted trend line may give support.
  • Break and close below the trend line may weaken this up trend.
CLICK THE CHART TO ENLARGE
CHART-III
  • Broken support has given good correction.
CHART-II
  • NF is getting support near 6265 area but strength will be seen only if it trades above 6290 and the black dotted line.
  • Break of 6257 - 6265 area will be negative for the bulls
CHART-I
  • Nifty Futures is showing support between 6257 - 6265.
  • But if price sustains below this level then we can see good correction
  • Nifty daily chart with trend lines that can support the index in case of a fall.
  • Another set up that i want to share is that of nifty the cloud and the 50 DMA. 
  • As shown in the second chart last time when these three came together nifty got good support.
  • On the contrary a breakdown below these supports can change the trend in daily chart too.
  • DOW JONES ANALYSIS AFTER CLOSING BELL

DOW JONES DAILY CHART
DOW JONES WEEKLY CHART
  • Dow Jones daily candles shows good selling which was followed by equally strong buying.
  • Index took support just above the previous resistance of 11247. 
  • Price closed near the high of the day. The momentum may give some more upside from here.
  • 2nd chart shows the weekly chart with Fib levels for the high of 14198 to the low 6469. Price broke above 61.8% Fib ratio last week. This area has given support today. So this place has multiple support and may be hard to break.
  • SPX hour chart with Fibonacci levels.
  • Bulls  shoud trade above 61.8% Fibonacci level for continuing this up trend.

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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