October 3, 2010

S&P 500 Weekend Update

  • S&P 500 Weekly chart has given a spinning top. Spinning to at the top of the trend is a sign of indecision. The colour of the candle is opposite to the prevailing trend of the market. 
  • Having said that SPX has very good support at 1130, So big down moves can be expected only if that level breaks. A breakout to the upside will be clear only when a daily candle closes above 1150. 
  • Current week candle has closed above 61.8% Fibonacci level. So if price remains above this level during next week a rally towards the 78.6% can be expected. Break of 61.8% level may push the price towards 50% Fib level.


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  2. sir,

    Plz give your view on Unitech and hindalco with technical analysis..

    Thanking you,