Last week was a short week and without too much directional action. My opinion of things has not really changed from what I thought last week, when I said that Nifty was getting ready for another move up and S&P 500 was still enclosed within the trend channel that I had tried to foresee. To get a better idea of how things might move in this week, I looked at the chart of NSE500 - which gives us a much broader view of the Indian markets - and it looks like that the up-trend in broad based markets is cooling a bit and has entered a more sedate, consolidating phase - I am attaching the chart of NSE500 - Please have a look. Apart from this - my idea of next big level in Nifty remains unchanged - 3640-3650 is still the area to watch in case of an upside break and depending upon your long term view of the markets - this could be a place to open a long term short or cover a bit of your long positions.
S&P 500 continues to be held by the channel and it's facing some good resistance on the top end of the channel. I'll consider changing my views for US markets only when I see a clear break of this channel. To make things clearer - for me a clear break would be when prices close above the trend line for 2 consecutive days. I am attaching the S&P daily chart as well. As usual, all the best for your trading.
S&P 500 continues to be held by the channel and it's facing some good resistance on the top end of the channel. I'll consider changing my views for US markets only when I see a clear break of this channel. To make things clearer - for me a clear break would be when prices close above the trend line for 2 consecutive days. I am attaching the S&P daily chart as well. As usual, all the best for your trading.
