Tuesday, July 29, 2008
Hello My Dear Readers and Friends,
Today, at the time of this writing, the S&P 500 and Dow Jones are falling in the US and in India, Nifty traded in a tight range and very near to 34 Day EMA and above 38.2 % retracement of previous rise.
The US markets, esp the Dow Jones Industrial Average, fell from almost 38.2% retracement of the previous fall and are now threatening to go further down. Look out for 11141 on Dow Futures, this is exactly 61.8% of latest rise and its today's low !!! (of course there is still half an hour left for market close), closing below that today will mean a confirmation of more downside to come.
Today I upload only Daily chart of Dow Futures as I thought sharing this information is enough till tomorrow. See how precariously Dow is hanging on 61.8%!!! Tomorrow it is a testing day for Nifty and it should decide further course of action...
Till then... Happy trading