June 22, 2011

SPX DAILY
SPX HOUR
  • SPX Daily closed near 20 day moving average.
  • SPX Hour is approaching 200 Hour moving average.
  • If price gets resisted here we may see a correction.
  • For bulls price should sustain above these Two crucial levels.
  • SPX ASCENDING TRIANGLE
  • If price breaks the dotted trend line then bulls can reach 5330 level that is the resistance line of the channel.
  • Further down move will happen once price breaks the hour channel.
  • This consolidation should be considered as a bearish one since its happening after a sudden fall. So unless a breakout above the channel happens bears will be in control.
  • Intraday up move towards the top of the range in 5 Minutes time frame May happen If the support line shown here is held for today.
  • Stochastic indicator shows the chance of an extended bounce.
  • But the breakdown level of 5350 - 5370 level will be tough to conquer for bulls.
  • Major Fib levels too showing 23.6% Fib level coinciding with the breakdown level.
  • So for a bigger move to happen nifty should close and sustain above 5371 level.

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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