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
Yours...
and the dow has closed below your warning level, so what to expect now? more downside?
ReplyDeleteYes it should. My fears that the primary Bear Market is intact is still there. Now closing of yesterday has also confirmed it.
ReplyDeleteHowever, at the time of writing this, the Nifty is still taking support at 38.2% retracement of previous rise...
Let's watch today's close on Nifty...