NOTE: I am now using the December Contract for all levels/references.
All trends are UP. As of Friday, the S&P's made another all-time high at 2014.50 in the overnight session. As I have said time and again, lasting highs are seldom made in the Globex session. The weekly chart below shows last week as an Outside Week..i.e. a close above the prior week's high which usually favor odds for continuation to the upside. However, we didn't close near the highs...it was a weak close. That makes me cautiously bullish. The 1998-2000 level is key. Acceptance above targets the all time high at 2014.50.
The profiles below show Friday's "b" formation - simply liquidation versus a combination of liquidation and new money selling. Given the almost matching lows of Thursday and Friday, be aware they are stops building below that level. Friday's Value was unchanged to overlapping higher relative to Thursday and we closed back within Thursday's range/value. The shaded area below shows a short-term balance. Any change will occur outside of this range. A probe below targets the prominent POC at 1993.50. The 1991-1992 is a good support level and may provide a rotation up. Staying above the 1998-2000 level targets Friday's high and potentially another run at the all time high of 2014.50
All trends are UP. As of Friday, the S&P's made another all-time high at 2014.50 in the overnight session. As I have said time and again, lasting highs are seldom made in the Globex session. The weekly chart below shows last week as an Outside Week..i.e. a close above the prior week's high which usually favor odds for continuation to the upside. However, we didn't close near the highs...it was a weak close. That makes me cautiously bullish. The 1998-2000 level is key. Acceptance above targets the all time high at 2014.50.
The profiles below show Friday's "b" formation - simply liquidation versus a combination of liquidation and new money selling. Given the almost matching lows of Thursday and Friday, be aware they are stops building below that level. Friday's Value was unchanged to overlapping higher relative to Thursday and we closed back within Thursday's range/value. The shaded area below shows a short-term balance. Any change will occur outside of this range. A probe below targets the prominent POC at 1993.50. The 1991-1992 is a good support level and may provide a rotation up. Staying above the 1998-2000 level targets Friday's high and potentially another run at the all time high of 2014.50
Epic research Nifty Futures Tips : SELL NIFTY OCTOBER BELOW 8030 TGT 8015-7995-7965 SL 8050.
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