This passing week we saw both US as well as Indian markets reaching important resistance levels - levels that can be decisive for Main Primary Trend. Here I present my views on both the indexes futures:
S&P 500 Future:
The S&P 500 Future was supposed to face a good resistance near 838 and the fact that it has managed to close just above it confirms my view that there is a strong short term up move. What is important is that this breach of 838 is not good for bears for near term. If it moves up further, the next important level to watch out for is 929 although there are other levels before that but this one may change trend with bigger impact.
Resistance - 855, 876, 917, 929
Support - 823, 804, 774
Nifty Future also looks strong as I thought and now its at a resistance which is most important to all market participants. If 3264 is taken with good volumes then it might mean danger to the Primary Main Trend which is bearish. This region between 3200 and 3300 is going to be the key for traders. I believe it should face stiff resistance here. Ideally for bears, it should not even touch that important number - 3264 but if it does then bears are in grave danger. However, my bet is with bears. I believe this may be a good opportunity for going short as risk to reward is good on that side here.
Resistance - 3264, 3310, 3366, 3400
Support - 3175, 3135, 3095, 3070, 3013, 2972