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...
after a good week of bullish trend we have CHOC on S&P 500 chart where price making lower highs expecting a correction about 4525 >> 4510 >> 4500 and 4480 as gap filling level to consider
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 !
Spy Is looking week if not hold level above previous high then 3-5% downside is possible AMEX:SPY
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