SPX 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...
Looking at SPY's Friday's Daily candle, it is no brainer that SPY has further downside.
The next strong support is around 376.5.
It doesn't seem likely that this support would be breached. SPY should this week touch this level or reverse very close to it like some where between 378 and 376.
On weekly time frame, SPY has formed an Inside Candle. This pattern indicates there would be a downside breakout in the week of 13th Feb or the subsequent week.
If that happens, the first target would be 397.
If in the subsequent week of the breakout, the price opens around 395 or in simple words the trend continues then 382 would be second target with is a strong support.
SPY Trying to sustain above the trigger line still!! Moment below 4071 could bring Havoc in the US Market, Most chances are to be occurring around Next week !
Todays daily candle was teetering between +/-
We ended closing - but its a very weak close from bear
my plan today was if we close - like this i would long targeting new weekly highs
if we close weak + (weak bull) i would have looked to short the close.
based off probabilties bears seem like they are losing steam and markets seem to be
favoring longs. There...
The investment-grade corporate bond ETF LQD leads the broader market. Off late it has broken down completely exhibiting a
death cross. This spells trouble for the broader market.
S and p 500 has gone parabolic long term. Retraces to the base of each of the major parabolic base comes in at 2750, 2100, 1500, and 750. Long overdue in a depressionary collapse scenario that will likely play out.
