It is remindful of struggling up-move, frustrating bears, narrow range. All leading to lost cause. For the bears every 200 points is a struggle till 29000. 29900 (close basis) 29650-29450-29150-29000). For the bulls price above 30000 looks as hope for further gains. We are in for lower incline than higher. As we move into Christmas most probably all bets would be...
Opens rather relatively calm, the bend which is probing the minor trend line is on the break targeting 13380-400 Stay short. Stop recent high or yesterday close. Prefer 13605. Have double the size position so that portion profit can be taken around 13440 to support the balance position. Stay Safe with stops.
After the sharp up move; price action looks little tired. Bear case is only if we give way 47 area which is far off. Bulls next hurdle is 51.50 (one probable try). On the bigger frames price action is near monthly mid average, while preceded by large body of candle signals this as less worry at this time. Near term 49.30-51.30 range bias helps
Recent upward move is met with corrective moves. 1.2050-1.2180 is the bigger area of this range. This is further skewed now 1.2105-1.2175. Almost all the Euro crosses also display this tendency. Some time bound correction or price based correction one needs to see. Dice in favour of upmove than down move. Intra-day 1.2125 can be bought with 1.2095 stop for 1.2175.
If the assumption markets are over bought; this index is no exception for correction. However, not an U turn. Near term 30900-30350 should work. Shorting lower levels below 30400 does not appear to be an good RR at this point of time. Shorts for stop aggressive 31000 and for longs 30300
Yesterday Candle potential can turn out to be a hanging man. With global cues remaining in red, today moves would invite bears upper hand. Short (irrespective of open), if it goes higher add stops 13605. Today's shorts demands carry forward to overnight basis also. Longs strictly not advised though individual brilliances always an exception.
Close above 3700 brings hope for the bulls; close below 3640 opens bear case. Tad in favour of bears and with better probability. Bear trigger than bull trigger (as break one more attempt to high and fail). Stops for shorts 3706. Break 3640 stops at cost. Longs stop 3640
US10 Y hit high then consolidation following. Base is around 0.87 now at 0.93; break and close above 1.02 would propel move towards 1.25-1.30%; Remain long on yield (Short on Bonds); stops 0.85% yield.
CNX AUTO remains place for shorts; now at 9134 another two percent fall stops 9180. Stocks within this index remains the focus
Bulls look heavy; opening got sold. Continue to look for selling rallies. Sell here and 70 stop 13605 for move to 13440. Extended move to 13400 not ruled out. Prefer Shorts
Intra-day down ward correction probability increased while close remains to the bulls. Overseas clues once again favour the bulls. However, increasing overbought in larger frames like weekly flag caution though they may not stop price moving higher. Still remains sell on rally though the base is getting higher on close basis now at 13420. Upside hurdle previous...
Finally the expected short term correction materialize. Bulls this morning make one more valiant attempt. However, the up move wont be one way going further, with sectoral rotation, occasional profit taking would be the order. New base moves to 12400. Intra-day 12470-12580 should work.. so sell 550 stop 580 or buy 480 stop 440 type.
VIX After languishing... forms an inverted head and shoulder, there is rounding bottom (which is common so not much of a significance). However, the recent rise in VIX piercing the neck-line warns move towards 30. What it means to stocks is just buy the puts.. be fearfully greedy.
DOW 30 one again showing potential Head and Shoulder (currently right shoulder is in formation); the pattern size and shape is perfect text book. The trading style is 1) sell here with stop 30180 or 2) sell break 29950 (we have seen how this was short lived can it be diff this time?) 3) sell here and break 29950 stop 30080 part profit 29800 balance 29650. Prefer...
Remains volatile within the bigger range of 1.3270-1.3470. Current px is in the middle. Slightly remains sell on rallies towards 1.3390 if it materializes with stop 1.3440. Not inclined on the buy side as cross action looks to influence on the downside than the upside.
Since it is Global Synchronized moves, it would be a down day to start with. CNX-AUTO showing potential H and S pattern hence, longs needs to be on caution mode. Fall of 0.5% today triggers this pattern potentially yielding another 2% down move. Prefer the shorts
It is really tiring to write sell and market just move to your stop. However, the weightage of evidence continue to remain heavy to the longs despite the price action. Remain sell 3700 (here) stop 3722. Break of 3680 confirms the top towards 3640 as take profit.
EURGBP as expected moved after consolidation and found bottom. In the process it registered hammer and piercing pattern. Ideally 0.8980 to hold for move to 0.9100. Buy here stops 0.8970 for 0.9110