gann insides weekly MARKET UPDATE
As we discussed on this TUESDAY
UPTREND continues to stay fermly intact for MARKETS
more or less markets did what we were expecting,
things are likely to get more intresting from next week.
lets discuss NIFTY first
NIFTY during the week continued with its trend of higher highs.
the overall weekly range was bit narrow but thats not a sufficient reason to think other way.
On tuesday I shared the level of 23250 as a critical pattern support and a trailing stop loss for all existing longs,
so as long as this level is held the price structure of NIFTY is likely to stay BULLISH,
If in case 23250 breaks then INDEX would enter in a corrective territory which would drag price towards 22850 on spot.
On TIME front as we discussed on tuesday for NIFTY potential turn dates are on 21&24,june
the manner in which NIFTY turned lower from fridays high could actually trigger a trend reversal in NIFTY,
the amount of voletility which we saw in fridays session have giben us preliminary indications for a direction change.
since FRIDAY was a turn date and on MONDAY we hav another turn date so a probability of a turn is significantly higher.
still we should wait for market confirmation before taking trading positions.
and we shall get that conformation once INDEX starts to sustain below lowest intraday low of FRIDAY and MONDAY.
for medium term
On weekly charts significant support on NIFTY is placed at 22900 so as long as 22900 is held on weekly closing basis the broad trend for NIFTY would continue to stay BULLISH.
so irrespective of intra-week voletility if INDEX fails to end the week below 22900 then INDEX would continue to make new higher highs post minor pullbacks.
A TOP cannot be established as long as key supports are held on weekly charts.
now lets move forward 2 S&P;500
S&P continued with its formations of higher highs during the week but as we discussed on this TUESDAY on price front 5530 would be a point of resistance,
On Thursday morning it tested the level of 5505 and post that INDEX vitnesed a pullback.
As of now we would have to consider it as a normal pullback but if INDEX starts to register a daily close below 5400 mark then that would trigger a minor degree REVERSAL which should drag S&P towards 5280 on downside.
On TIME front next week on 24th&25th,june we have a strong turn dates for all major U-S-INDICES so we would have to look for the combined intraday low of both these days very closely.
If price and time meets their criteria for a trend reversal next week then that would trigger a type of a REVERSAL which BEARS had been waiting for since past several months.
1 very critical thing which happened during the week was a potential REVERSAL in NVIDIA.
until now everyone who has been a part of the ecosystem of financial markets would be aware on a fact that entire tech sector in U-S is depended on the trend and trajectory of one stock which is NVIDIA.
a section of human being on this planet have started to think that future of our planet would depend on how much more NVIDIA can deliver with its advanced AI chips.
Frankly everyone has turned so future focused that present reality doesnt really matter.
jokes apart it looks like something has ended at 140 on NVIDIA.
Just to be more sure we would be looking for a print of 118 on NVIDIA if stock prints the level of 118 then it would register a medium term reversal which would have targets of 98 and even 87 during next few months.
A turn in NVIDIA would practically mean a turn in entire market.
so do watch out for that.
thats it for now,
there is lot to watch out for next week.
intresting week coming up.
gann,insides 