gann insides weekly MARKET UPDATE!
NIFTY on friday achieved our projected target objective of 23025 on spot.
Now supports have shifted higher to 22786 from 22550.
So all long trades now would continue with this reviced stop.
holding 22786 INDEX should continue with its uptrend atleast till 23270.
A break of 22786 would put INDEX again in a sideways trend.
A strong uptrend ideally should not overlap within its previous highs.
other then that because friday was a cycle date if INDICES starts to close below fridays lows then that would be the TIME to turn cautious on long trades.
TIME wise next major cycle dates now falls on 4th&5th of june.
Meanwhile this week would be the final week before that all important election results which are due on 4th,june.
Everyone is expecting markets to rally sharply post results but as professional traders we have to be prepared for all possible outcomes.
Strategicly on 31st of MAY I had adviced all my clients to cover all speculative positions which had been taken on back of certain anticipations and at the same tine look to hedge portfolios using SEPTEMBER puts.
see emotions and expectations are fine,
but when it comes to trading positions we would have to get slightly practical because in market our money is our responsibility everything else is secondary!
S&P is juggling around that 5350 mark
S&P;500 has been juggling under its significant gann angle resistance of 5350, i have been discussing this level of 5350 since late MARCH and dispite all the voletility which we have seen over during past 2 months INDEX have continued to persist under this all important level of 5350!
the week gone by was largely sideways accept that big down day which occured on Thursday, but week on week there was nothing much to look into.
the underperformence of DJI was overshadowed by outperformence in NASDAQ,
which technicaly kept S&P unchanged.
Intrestingly the new all time high on DOW INDUSTRIALS was yet again unconfirmed by DOW TRANSPORTS.
this unfortunately is not a good sign wont go in exact technical details here, but this is something to pay attention.
Reeders must had been aware on DOW THEORY,
the entire concept of DOW THEORY was classically founded on performance of DJI and DJT.
GOOGLE more you would exactly understand what divergence between both these INDICES means?
On TIME front last week we discussed 24th,MAY as a critical CYCLE DATE so if INDICES starts to sustain and close below 24th,MAY intraday lows that would signal a trend change for short term.
Holding those lows INDICES are likely to stay UP and fine.
On PRICE front for S&P 5250 is a key support once that breaks we would be looking for a test of 5171 on S&P cash..
lets end this with the near term view on GOLD
GOLD is having an intresting setup, based on its recent price action and its current pattern placement there is a possiblity for a sizable pullback here in coming days.
On downside 2320 is an important support if it sustains below 2320 then we could see levels of 2255 and 2185 in coming weeks.
based on my experience a declining GOLD usually adds pressure on EQUITY MARKETS.
so do watch out.
thats it for now thanks for reeding wishing everyone a great week ahead.
gann,insides 