In review my call for a bearish bias was wrong. I'm afraid I'm jumping the gun and will have to wait until one hour after the market opens to determine the trends bias.
The charts below are of the /ES and the SPX and show my expected daily limits and the extended daily limits. I hope I have not driven anyone off because the DDF has a 75% accuracy of calling the bias. With a little more time to collect data I'm confident I can provide this same level of accuracy.
I'd also like to leave you with this Andews Pitchfork chart.
06:45 PST
Currentl y at 1142.75, today's trend is biased toward the bearish side. Anticipated range for the /ES is 1138.25 to 1143.76 today
Should this expected daily range be exceeded on the /ES the range would expand to 1133.5 - 1149.5
The expected weekly limits remain between 1122 and 1160
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.
MARKET TODAY
ReplyDeleteMarket to extend last two days gains due to positive global cues. Wall Street ended higher yesterday after positive news on corporate earnings despite disappointing data on US retail sales. Asian stock markets were trading mixed as a better-than-estimated revenue prediction from Intel Corp. that beat expectations, underscoring hopes for a 2010 tech sector recovery. However, stocks are expected to consolidate and remain sideways in the absence of any fresh triggers. Investors will closely watch Q3 December 2009 result from IT major Tata Consultancy Services (TCS) and banking majors HDFC Bank and Axis Bank due later in the day today.
According to data released by the NSE, in the last session, FIIs were buyers of index futures to the tune of Rs 410.04 crore and bought index options worth Rs 94.58 crore. They were net sellers of stock futures to the tune of Rs 242.19 crore and sold stock options worth Rs 8.24 crore.
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Thank you stock news,
ReplyDeleteI respect your fundamental approach to investing, but I'm a TA, and while I find facts about insiders being net sellers interesting; I simply find no value in news and statistics. If fundamentals had anything to do with market prices; I believe we would have been in a very severe bear market since May of 2009.