SIDEWAYS WEEK FOR INDIAN MARKETS.
NIFTY had a dull week where accept TUESDAY and THURSDAY no major volatility was seen.
Although new highs were made which we did discussed on last SUNDAY,
but the lackluster PRICE ACTION at highs with absolutely no MOMENTUM actually leaves less scope for PRICE EXPANSION on upside.
Still we have been working with a target of 22,325,
but for some reasons INDEX has so far failed to achieve that target.
let’s see next week.
I have described this entire upmove as a TRAP and so far the overall PRICE ACTION have completely confirmed that.
here we all need to understand the objective of a TRAP! we cannot have a TRAP for a tiny higher high above a prior high.
we so far have not even got a 1% move on upside above the previous high of 22,126.
so all said and done as long as NIFTY spot stays above 21,800-22,000 higher highs are more likely.
MARKET MOVING WEEK ON TIME FRONT
TIME wise NEXT WEEK NIFTY would enter in its 49th week from MARCH 2023 LOW,
this is an important TIME development since this is happening on WEEKLY T/F.
DURING the WEEK dates of 26th 28th and 29th could generate peak VIBRATIONS.
26th specificlly because that’s an ANNUAL CYCLE DATE.
From 1st week of MARCH the overall intensity of MARKETS would reach at totally at a different level because on monthly T/F in MARCH all global INDICES would aline more then 4 CYCLES from various LOWS.
WOULD discuss this in greater detail in next weekly post.
U-S-INDICES reached fresh highs post Q4 print from NVIDIA.
Despite one selloff after another leading to increased volatility, the markets are currently hitting all-time highs as the speculative chase for return heats up.
“I am not a fan of Soros, but this market has the look and feel of the dot com bust of 2000. In a few short words, the AI investment phenomenon is feeding on itself just as the internet and fiber did in 1999.
If you have been following me since OCTOBEr,
I layed down a small possiblity of NASDAQ going for a BUBBLE.
I also said this at that TIME as well that it’s easy to refer MARKET BUBBLES after they are BURSTED but very tough to call them in real time.
In DECEMBER when NASDAQ broke above JULY high the possiblity of a MARKET BUBBLE actually confirmed.
I dont want to repeat all those things which various X accounts are putting up on daily basis.
INDICES are more concentrated on handful of tech and AI STOCKS everyone knows that,
that’s an easy thing to do!!
let’s do something which is not easy!
TECHNICAL UPDATE
In my previous weekly UPDATE I shared the date of 20th FEBRUARY as an important CYCLE DATE.
I also posted very clearly that to hint a TOP INDICES have to close below the INTRADAY LOW of 20th,FEBRUARY.
MARKETS fell on 20th but failed to close below that days LOW.
GOING FORWARD the faith of this AI MARKET rally lies entirely on 20th FEB LOW.
Only a daily close below 20th FEB LOW would confirm a TOP of this MARKET at much higher degree of trend.
If you prefer to follow the trend then have patience until this happens.
On PRICE front PRICE-TIME-EQUALITY LEVELS for S&P and NASDAQ are placed at 5010 and 15,600 respectively.
As long as these levels are held higher highs are likely.
On TIME FRONT next week would be 50th week from 2023 lows.
So volatility should further pick up,
specificlly DATES of 26th 28th and 1st MARCH would be critical CYCLE DATES during the week.
so all in all an intresting week coming up.
see you guys next week with a weekly preview.
thanks for reeding and BEST WISHES for the week ahead.
gann,insides 