12:45 PM Update - Okay again lulling us back to sleep. Be alert for a quick move. 2730 on upside and 2710 on downside...Break of 2710 and we can move quick to 2660. Maybe thats it for today. Be careful out there. Consolidation at the lows in this kind of flag pattern is never good for bulls. I did not do any trades today. Still holding to positional shorts from 2780 odd. Last update from my side today. Goodnight!
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11:30 AM Update - Well well what do you know...2740 is broken...Interesting...Next support is ofcourse 2660. Break this 2660-2600 range and I think thats it for the bulls. This is typical market maker tactics...play the bullish side...or just let the volatility die down for a long time...lull everyone to sleep and then trigger move in one direction - This makes sure that very few players are on the bus for the move...And we all miss the move...This is why we need to be very alert in this market. :)
ALSO the inverse HnS I talked about before is also invalidated now.
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We are at a very interesting point in the markets...I cant believe that US market is so close to breaking the November lows and we are no where near it. I think this can get resolved very very fast - knowing our markets. VIX is down for now but things can change very fast. We are looking at a big move soon. I still vote for down...
Okay now coming to the levels. 2740-2720 is important support. 2800 is resistance. Above 2800, we can run quick to 2860, 2880 and 2920 areas. There is a very big intraday inverse HnS developing which projects to 2900 odd. So thats a danger point for shorts. But I am holding to my futures shorts and some puts I entered yesterday. The timing was bad on the puts but the futures shorts are looking good.
As I said before a move above 2920 means market is turning more bullish and I think the short strategy will have to be abandoned.
I see a lot of confusion in the markets now. And the market makers are using this to move the markets. Yesterday was a classic example.
I will post some more a little later if I see something important developing.
Also charts will follow later.
Best,
Lee
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2 comments:
hello sir,
i think for the time being 2806 seems to be a difficult nut to crack as mkt has retrached 4 times from that point but in mkt one never knows what happen.
regards
Meet, please do call me sir!
Yes and you are right...2800 is now strong resistance.
The intra inv HnS I spoke about before is also invalidated.
Lee
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