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Friday, May 4, 2012

EOD Technical Analysis, CNX Nifty - 04 May 2012 - Trending at last...

Nifty - End of Day - 04 May 2012     
Yesterday's Chart (Click) showed the Index at the Wall - Even Steven for Bulls and Bears...
We also said that we expected a Trending move today.
Last weekend (click - see 'Looking Forward') we stated that "Below the wall, the Bears can take it down real fast - world cues willing."
Our range to break had 200 DMA at the bottom end.

We got the world cues as studied in the last post (click or see below).
The Nifty opened down and then trended down - real fast - 100 odd points.
200 DMA as one can see above was broken on the downside.

Weekend Analysis up next.

EOD Technical Analysis, S&P 500 - 03 May 2012 - One for the Bears..

S&P 500 - End of Day - 03 May  2012  
In our last weekend analysis (click) we surmised that the Bulls need to keep the index above the MVWAP 34.
The EOM update that followed (click) showed us that 1398 would be a level the Bulls should hold.

In yesterday's action the Bears got the Index below MVWAP 34 (EOD Chart) and closed it at 1386.
Index also slipped below the 5 and 10 EMA on EOD chart.

Close of the Week below 1398 would augur ill for the Bulls (Since our signal was on the EOM chart).
Retaking the MVWAP 34 (EOD) on Friday would prevent loss of momentum for the Bulls.

As of now, the Bearish 'Three Inside Down' is triggered, on the Monthly (click) charts.