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Sunday, May 27, 2012

Weekend Wrap

When we analyze the market, we need to constantly ask ourselves three questions over and over, both on intraday basis and also on end-of-day basis: What is the market doing at this juncture? What it's trying to do? How good is the job doing getting there?

For the first question, Market is basically in the consolidation phase after it plunged down to current trendline support(as shown in below chart). Second question, what does it trying to do? market is trying to have a rebounce from here but was selling off in the week once it got bounced, left us with a long tails( inverted harmer candlestick). In overall, market is still looks bearish on weekly chart, the bulls have not gain enough strength yet. The next major support is 2650 support( last year close) if market were to continue selling off from here.

Weekly pivot point for coming week:

R3: 2880
R2: 2856
R1: 2814
PP: 2790
S1: 2748
S2: 2724
S3: 2682

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