July 12, 2011

  • Dow Jones 15 Minutes chart.
  • Previous support of 12540 is acting as resistance for today.
  • Intraday support is @ 12470 level.
  • So this range has to be resolved for a bigger move to happen.
  • ASCENDING TRIANGLE OF US DOLLAR
CHART-II(UPDATED)
CHART-I
  • US Dollar is testing the resistance area of 76.60 level.
  • Price is not able to stay above this level.
  • Sustaining above this level means breakout from an ascending triangle pattern which will favor bulls of dollar in the medium term.
  • Ascending triangle of USDollar was shown in this post
  • ES briefly fell below 1300 But now back above it.
  • For the current bounce 1330 level may act as resistance.
  • Fibonacci levels in hour chart too shows resistance near 1332 level.
  • So if price goes back to 1330 - 1333 band it will be tough to cross at least on the first attempt.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
CHART-II
  • As expected the bounce did not last long.
  • Got resisted before reaching 5550 level.
CHART-II
  • Nifty will face resistance near 5545 - 5550 level.
  • Nifty 15 Minutes chart with ichimoku cloud.
  • Price after giving a triangle breakdown has not touched the cloud even once.
  • So in shorter time frame charts its trending down in favor of bears.
  • Today's GAP is also crucial if that is not faded soon things will continue to favor bears.
  • Nifty may break 5600 today morning because of the global markets.
  • Fib levels shows 5531 as the next support level.
  • Bearish candlestick of Friday is being supported with follow up selling. 
  • Closing below 5 day low ema will make bears more powerful.
  • If the GAP is large we might see a bounce to partially fill the GAP.
  • S&P 500 EOD ANALYSIS
  • Price has fallen below the cloud in daily time frame which is negative.
  • More Steep falls might occur if 38.2% and 50 day moving average gets broken.
  • Fibonacci levels shows the break of 38.2%  Fib level. If price sustains below this level this will lead to at least 50% retrace. Price moving back above 38.2% may give an intraday up move.
  • 30 Minutes time frame shows price falling below the cloud and 50 Period moving averages. Any rise from here towards the cloud will face selling pressure.
  • SPY MOVES AWAY FROM THE ISLAND

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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