WEEKLY CHART
WEEKLY CHART
- The first chart shows dow jones moving in an upward moving channel.
- It has taken support at the lower trend line of the channel and will try to remain in the channel and moving up.
- Next chart shows a rising wedge in weekly chart breaking down which can have serious down side targets for dow jones.
- But right now a rally towards the break down point of this raising wedge is going on. Which can end any time and the correction for this pattern can be huge.
- Third one is another bull chart shows a triangle break out. If sustains above fridays high 10235 it can move to 10315-10325 initially.
- Another important thing to remember is the 200 DAY Simple moving average in daily chart comes around 10310 so this area needs to be watched for reaction as well.
- SP 500 EOD ANALYSIS
- RUSSELL 2000 INDEX EOD ANALYSIS
- POWERSHARES QQQ TRUST SERIES I WEEKLY ANALYSIS
DAILY CHART
DAILY CHART
- Russell 2000 First chart shows positive divergence in MACD.
- Since the divergence is in daily chart it is very positive for the index.
- Second chart shows a falling wedge pattern. Any up move from here is possible on the break of the upper boundary.
- Third chart shows price closing above 10 day moving average. But not able to go above 20 day moving average.
- So any up move is possible only on a firm trade above 650. A daily close above 650 will give a target of 667-670.
- SP 500 EOD ANALYSIS
- POWERSHARES QQQ TRUST SERIES I WEEKLY ANALYSIS
- DOW JONES WEEKLY ANALYSIS
SP 500 DAILY CHART
SP 500-WEEKLY CHART
DAILY CHART
DAILY CHART - LINE
- Dow jones closed above its 10 day and 20 day SMA
- But it has some more distance to go for the 200 day moving average.
- The falling wedge shown here in line chart has been quite effective.
- The fibonacci level of 23.6 has been conquered. Now dow is moving towards the 38.2 retracement level.
- The raising wedge break out was a false one.
- The delay in the expected down move suggested something was wrong.
- The flag and the pole did it for the bulls. At least till now
- Dow jones has formed a flag and pole kind of pattern.
- The exact rules of flag and poles was not followed while drawing this one.
- But i feel this one can resolve this consolidation.