- Dow Jones reversed from 61.80 retracement level.
- And the upper down trend line is broken now.
- Sustaining above this line will be positive for now. If close is above these levels we can see good upward momentum during next week
June 25, 2010
Dow Jones Fib levels and break out
SP 500 Consolidation
UPDATED CHART
- Two minutes chart showing consolidation before a possible break out towards the upside.
- Above 1078-1080 it will get to 1086.
- 1086 will be the next resistance.
S&P 500 hour chart analysis
CLICK ON THE CHART TO ENLARGE
- SP 500 has formed a top in the hourly chart.
- And it is trending down in the channel.
- Unless the channel breaks and makes a strong close above 1086 levels the down trend will continue.
U.S Markets View before opening bell
U.S. Index Futures were trading lower suggesting a lower opening for the major indices of wall street.
Asia and Europe were trading weak. European shares were also trading near two week low, And they are expecting some more bad news from the G20 Meeting. Japan's Nikkei fell 1.9 percent to close at low of the day suggesting more falls to come in the coming days.
Euro is struggling to cross 1.23 mark. for the last two trading days it has been trying to cross this mark but unable to make a good close above 1.23 mark, this is another negative news for U.S. Markets.
GLOBAL MARKETS UPDATE
MARKETS | CURRENT LEVEL | CHANGE IN PERCENTAGE |
UK 100 | 5089 | -0.22% |
France 40 | 3539 | -0.45% |
Germany 30 | 6086 | -0.47% |
JapanNI225 | 9373 | -1.92% |
Hang Sen 40 | 20690 | -0.21% |
EUR/USD head and shoulders and triangle break
- EUR/USD has broken down from a head and shoulders and triangle pattern in hourly chart.
- Both patterns seems to suggest some weakness going ahead.
- But if these are false moves then we can expect some positives.
- failing to close above 1.23 will be negative and that means slipping back to l.22 levels again.
Reliance daily chart analysis
- Reliance chart looks like a top has been made for the short term.,
- A daily close below 1046 would be negative and the stock then will slide to 1035, 1031 , 1022
- And the stock is also approaching its 50 DMA a close below this would trigger good correction.
Nifty Daily Chart analysis
NIFTY WEEK CHART
NIFTY DAILY CHART
NIFTY DAILY CHART
- Nifty after many day's have closed below the 5 day high EMA. indicating a short term weakness.
- Nifty is giving candlestick patterns like dojis indicating indecision among buyers and sellers.
- I have added the weekly chart with trend lines which shows support at lower levels.
S&P 500 Analysis after closing bell
- S&P 500 is now trading well below its 50 and 200 day moving average.
- The most important support areas are 1071, 1065, 1055, 1050 and a close below these numbers is good news for the bears.
- The bearish engulfing that formed in daily chart is showing its effects.
- S&P 500 TRIANGLE BREAK DOWN
- CLICK HERE TO SEE HOW BEARISH ENGULFING FORMED IN S&P 500
Dow Jones Triangle Breaks out
- Triangle in Dow Jones gave a good break down.
- I had shown the same triangle in SP 500 earlier.
- That one has given a smilar break down.
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