June 25, 2016

 
 
  • SPX Daily chart shows price testing crucial moving averages. Further weakness if price starts to trade below these levels.
  • 2020 - 2030 is a crucial support zone. Weekly close below these levels may further weaken SPX Bulls.
  • Month chart shows Bearish upper shadows for Month candles. Upper shadows shows price unable to close the month above 2100 levels. Unless this happen a bigger breakout is not possible.
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  • Nifty's bulls manage to stay above the rising support line drawn from 7405 levels. 
  • There was an intraday violation of 50 Day SMA line. But bulls manage to close above this crucial moving average. No big weakness till price stays above these two levels.
  • Month chart for now shows a pause after 3 Bullish candles. Month has one more trading week to go so bulls need to close back above 8200 levels to keep the bullish momentum intact.


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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