November 5, 2010

SPY Support levels

CHART-II
  • Trend line drawn in the below chart has held so far.

CHART-I
  • 15 minutes chart of SPY with trend line support and the GAP.
  • Violation of the Trend line may get support at 121.96.
  • Breaking 121.96 will be negative for the bulls of SPY

S&P 500 futures before opening bell

  • Futures will gather momentum above 1218. It is not that the bulls lack momentum but If price stayed above 1218 it will add to the strength of the bulls.
  • 1212 is the level below which  one can see some weakness setting in.
  • But for now everything looks ok for the bulls.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

Reliance Industries gets into the selling zone

CHART-II
  • Reliance has again reversed from the selling zone of 1089 - 1125.
  • Stock was not able to cross this area.
  • 1030 is a good support zone for reliance.
CHART-I
  • Reliance Industries weekly chart with the resistance zone.
  • Previous weekly closes into this zone has been negative.
  • We have to see how the stock closes today. Closing above 1130 will be very positive.
  • If get resisted stock may break below 1089.

Nifty daily chart analysis.

  • Yesterday's nifty chart shows the largest volume day in recent months and it was a bullish day ending near the high of the day.
  • 2nd chart shows the price advancing towards the top of the broadening pattern.
  • Closing above 6284 nifty should cross 6400 next week. Sometime during next week nifty may find resistance near the top of the broadening pattern.
  • RELIANCE INDUSTRIES ENTERS THE RESISTANCE ZONE

S&P 500 Analysis after closing bell

SPX WITH GOLDEN CROSS
DAILY CHART WITH WHITE MARUBOZU
DAILY CHART WITH ASCENDING TRIANGLE
  • Unlike the death cross that spx had recently which did not do any favour for the bears, The golden cross seems to be giving good returns for the bulls.
  • The way the index closed. It nearly missed a white marubozu. a white marubozu shows the extreme conviction among buyers.
  • Third chart shows an ascending triangle breakout. Yesterday's closing above 1196 did gave a clue of what's going to come.

Dow Jones breaks out of a diamond

  • Yet another Diamond pattern that break out on the upside.
  • I was looking for a downside break. 
  • Closing the day above 11285 will confirm a bullish breakout. Right now index is trading well above 11300. But we have to get the confirmation on closing basis.

GOLD close to the all time high

  • Gold may hit another all time high soon.
  • 1387 in weekly chart will remain as a resistance area. But today's price action seems to be have enough momentum to take out 1387.