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SPX (S&P 500 Index)

SPX // Levels // 30 min "Welcome to SkyTradingZone " Hello Everyone 👋 As of September 10, 2024, the S&P 500 Index (SPX) opened at 5,442.07 with a 52-week range of 4,103.78–5,669.67. Here's some related information about the S&P 500 Index: Mini-SPX Index: This index is based on 1/10th of the value of the S&P 500 Index. SPX Put/Call Ratio: As of September 7, 2024, the SPX Put/Call Ratio was 1.43, which was the same as the previous year. Largest holdings: Some of the largest holdings in the S&P 500 Index include Apple, Microsoft, NVIDIA, Amazon, Alphabet, Meta Platforms, Berkshire Hathaway, Eli Lilly, and Tesla.
TVC:SPX
by SkyTradingZone
14 Feb ’24 Nifty flies like a kite today, Resistance quite nearNifty Analysis - Stance Neutral ➡️ Recap from yesterday: “On the 63mts chart, Nifty is still neutral with no clear indication of the next direction. BankNifty is bearish and the chances of Nifty going down may be higher due to that. The first target to break should be 21491 below which the bearish momentum will pick up an avalanche effect.” 4mts chart Nifty does another impossible feat today, breaks yesterday’s swing low and then surges 341 points ~ 1.59% to close near the resistance level. Yesterday we were gearing up to go short today as every indicator pointed to a negative start with a bearish bias. The global macro was pretty bad as SPX closed at -1.37% as their CPI Inflation data came in hotter than expected. Market participants here were expecting Nifty to fall at least 200 points today, but look at what happened - we fell first trapping the bears, and then shot upwards creating an avalanche (but in the positive direction). The price action made sense till 14.03 as it's quite normal for the indices to retrace and close the gap. But a surge of 234 points ~ 69% of the day’s swing range within the closing hours made no logic at all. We still believe it could be news/event-related and if yes - we may get to know it by tomorrow. In the 63mts chart, see the encircled region - the strength of the green candles stands out prominently. This has given Nifty a total makeover, till yesterday we were neutral with a moderate bearish bias. Today we are still neutral but with a bullish bias - as the resistance of 21913 is much closer than the support of 21491. The interesting thing is that if the moves today were not news-related and is a technical reversal then the break of 21913 will ensure the ATH is also getting taken out. 63mts chart
NSE:NIFTY
by viswaram
13th Nov ’23 - Nifty PostMortem - Just like a DIWALI rocket ⬆️⬇️Nifty Analysis Recap from yesterday: ”For monday, I wish to continue with the neutral stance — but a slight bias to the bullish side after seeing today’s momentum. The first level to watch will be 19562 on the upside and 19310 downside.” On the 5mts TF, I have encircled 3 regions. The close on Friday. The Diwali Muhurat trading on Sunday. The close of today. Sunday’s trade appears to be a blip. Just like the fireworks that we light on Diwali - they go up, illuminate, and then fall back to the ground. Our market was like that rocket on Sunday. A mega gap up, island day formation, and then back to earth after today’s close. Even I did not anticipate the neutral call to work out so perfectly. Few things have changed after today’s price action. 19446 support/resistance is proving to be more important than thought earlier. Today between 10.05 to 10.20, I really thought we would break it for the greater good and go back to bearish mode. Unfortunately, all the action stopped after the first hour of trade today and we were perfectly directionless for the remainder of the day. On the 1hr chart, today’s 2nd hourly candle stands out. It broke through the 19446 support but failed to gather steam. The depth of that candle should not be taken lightly, I am seriously considering looking out for bearish opportunities as they uncover. Since its a holiday tomorrow, the view for Wednesday could be a bit complicated. Ideally, I wish to maintain the neutral stance as nothing has changed but how SP:SPX behaves today and tomorrow also has to be considered. The first checkbox to tick is a rising VIX, only then a down move can be justified. The options premiums as it stands are not worth selling. A bit of uncertainty and panic will drive up the premiums & I am ready to wait.
NSE:NIFTY
by viswaram
3rd Nov ’23 - The gap-up gave the trend change indication NiftyNifty Analysis Recap from yesterday: “The levels have not changed from yesterday, the first resistance is at 19226 and the 2nd one is at 19310. I am staying neutral till 19226 is not taken out, seems like it could be even done in the forenoon session.” The gap-up took out my resistance of 19226 and was forced to go long. I was eagerly waiting for the 19310 to get broken so that the bullish momentum was done and cemented. This did not happen as Nifty was out of steam by 11.00. The 14.30 to 14.50 price action looked scary though, assuming the FIIs would have offloaded their selling positions in this window. On the 1hr TF, Nifty has made an odd-looking W pattern, technically its a bullish sign but we need confirmation of the same by taking out the 19310 resistance soon. These bullish price moves could be highly shortlived as well because its just a reaction of market participants to the FED’s announcement yesterday. Just for reference, I have pasted the SPX chart herewith. Could this relief rally be just another lower high in the making? When the global macros are that bad and the earnings are weak, there is every possibility for the bear run to continue. So if you are a bull, enjoy till it lasts.
NSE:NIFTYLong
by viswaram
1st Nov ’23 - Some weakness still persisting - Nifty PostmortemNifty Analysis Recap from yesterday: “Since we retraced the 38.2% level of 19226 today and the reluctance to go up might be confidence-building for the bears. Also the 23.6% level forms a base for further movements. The issue is that we cannot go outright bearish now, we need further proof of that. Ideally, the 18880 support has to be taken out and that too pretty quickly. Till then I wish to maintain my neutral stance.” There is some weakness still lingering around. Despite positive closing by US markets yesterday - we were reluctant to go green today. If you look at the 5mts chart above - the price action continues its journey from yesterday. By 10.00 we hit 19019, but miraculously we gained back those points. From 12.30 to 13.15 we started falling again breaking the last swing low to 19006. Then from 13.45 to close we fell again to a new swing low of 18973. BankNifty was staying pretty strong due to which a big fall was avoided on Nifty. This also ensured that Nifty50 did not break the 18880 support level below which we had to go short. Check out the daily time frame, does that not look bearish to you? Since we had a red candle today also, it seems like the bearish momentum could build up pretty quickly. We have the FOMC interest rate decision at 23.30 today and US FED comments may spook or lift the markets. Definitely, that will spill over to our markets tomorrow. As of now, SPX is in green trading with gains of 0.53%. Until 18880 is not broken, I wish to maintain my neutral stance.
NSE:NIFTY
by viswaram
13th Oct ’23 - Unseen Double V shape - Nifty PostMortemNifty Analysis Recap from yesterday: ”For tomorrow I wish to continue my bullish stance if 19776 support is respected. If that breaks in the morning session, I would like to change my stance to neutral. If 19671 level breaks in the forenoon session — I would definitely go short as we may fall below the double-top formation.” Yes, you guessed it right by reading the title - I lost money both ways today. Firstly I went short because 19671 was broken. The short trade did not do well as we stopped falling. Secondly, we had a massive reversal - a total of 170pts intraday swing that really made my short position look like a sitting duck. To start with, I did not expect we would have an opening candle swing of negative 147pts ~ 0.75%. Agreed that US markets were weak yesterday and INFY results disappointed. Guess what? Infy ended the day with just -2.34% loss. The rates pre-open showed was negative 4% opening on INFY would have really put the pressure on Nifty to have that deep-cut opening. But levels are levels and we traders respect that - I had no other option but to go short. The only mistake I made was not having a safe long position on the CALL side as protection. There again I never thought we would be rallying back to go-green and then fall back. We had 2 V shapes today. The first reversal at 10.50 and the 2nd one at 14.25. I might have to test and find out what kind of trader made money today - A double V shape is normally not a Nifty50 phenomenon. On the 1hr pattern, the first thing I would like to do is change my stance from bullish to neutral. We have broken the 19776 support today and well above the 19446 zone. For Monday I wish to go with the neutral trades only and go short if we fall below 19614 in the forenoon session. Till then I am eagerly watching how SPX will close the day today.
NSE:NIFTY
by viswaram
SPX vs Nifty - A lot of pain ahead for India Stock MarketsSPX is down 6.07% from Sep whereas Nifty is only down 0.74%. If the coupling still exists and we think of US markets as the mother market - then further pain awaits Indian indices. There are 2 factors which could play spoilsport 1. Rising oil prices - going to cost dearly as we are a net oil importer 2. Rising dollar index - this will push down the INR much further If India finds a way to buy oil in rupees - problem solved. Nifty50 cannot remain elevated for so long if the global markets are falling. Remember - when the rise is higher, the fall will be higher. Or are the investors gung-ho on India's growth story?
SP:SPX
by viswaram
21 Sep ’23 Post Mortem on Nifty - 19589 has to be taken out 22ndNifty Weekly Analysis Nifty has fallen 354pts ~ 1.76% between the last expiry and today. Interestingly the price action on 15th and 18th stands out as an isolated island. Almost 90% of the fall came in the last 2 days which has even changed the sentiment. Nifty Today’s Analysis Recap from yesterday: “For further down move we need that gap to be taken out on the downside just like how it was taken out on the upside. Only then the bears can bring the panic in the markets. Which translates into a 70pts+ gap down opening tomorrow. My stance has been changed from neutral to bearish with the first target 19815 and then 19747. If Nifty50 is unable to fall below 19895 in the morning session — I will have to change my stance back to neutral.” Everyday I write down the next day’s levels, targeted open, close etc - but never have I got it 100% right in the last many years. We had gap-down open and the encircled regions shows how the gaps were recreated on the downside just like we had it on the upside. Isolated islands are usually created when there are changes in sentiments overnight. Yesterday we had the FOMC meeting in the US and they decided to keep the interest rate as it is - source. What really unnerved the markets is their decision not to cut the rates till they win the battle against inflation. Ideally that is a negative global macro - and guess what our markets performed better than asian peers in spite of these news. You are already aware India - Canada tensions are rising and there was news about Halting Canadian Visa services. Still we fell only 0.8% ~ 159pts today. Japan fell -1.22%, China fell -1.24%, Hong Kong fell -1.45%, South Korea fell -1.75%. Our markets are in a different orbit of its own. On the 1hr chart - the weakness is visible - but the bears have not gained enough momentum. There is still no panic - VIX fell -2.79% @ 10.8175. Today’s price move is summarised in the first hourly candle - because the next 6 candles have not moved the needle by an inch. I am starting to doubt if the bulls have priced in all the information available? For tomorrow, I wish to maintain the bearish stance with the first target at 19672 and the second but strong target at 19589. Ideally the bears should be able to close the day below 19589 tomorrow and take out the 19310 early next week. One thing to remember is Nifty50 is still not bearish on the daily time frame whereas SPX is.
NSE:NIFTYShort
by viswaram