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THOUGHT FOR TODAY——————————Real RenunciationOn the path mapped out by the true spiritual philosophers and pioneers, there is great emphasis placed on the idea and need for renunciation. It is seen as the way to enlightenment, and freedom from the attachments which we misuse as sources of limited happiness and contentment. Renunciation does not mean giving everything away, shaving our heads, saying farewell to family and friends and finding a Himalayan mountain top. It means seeing our attachments and dependencies, our weaknesses and our evasions, and consciously giving them up. There is no sense of loss. The material necessities still come to us, paradoxically more will come. And when we renounce our own weaknesses and dependencies there is always a strength and new freedom to be found hiding underneath. Renunciation is a pathway to a simpler life and a highway to spiritual freedom – one of spirit’s deepest yearnings in ‘the age of accumulation’.
Nifty Future
(Updated on 12-12-2012 at 07.20 AM)
Yesterday written crossover above 5961 Nifty fut might
move above 5989.
Nifty fut made high at 6002.85.
Also mentioned if breaks below 5922 expect 5892.
Nifty fut made low at 5897.55.
Now for Today………..
Above 5940 Expect 5952-5960.
5960-5698 is hurdle zone for intraday.
Crossover above 5968 except blast up to 5980-5993-6008.
Break below 5915 will trigger selloff up to 5903-5892-5884.
If not able to take out recent high at 6003 and remain
below 5980 and closes below 5876 then expect to fall up to 5802-5775.
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This is just a brief follow up since tomorrow morning I will be busy and today’s inconclusive price action with another small range body (Spinning Top) does not add anything new to the short-term potential scenarios I have discussed in the weekly technical update.
For the immediate time frame price remains range bound between the immediate support at 1398.23 and the immediate resistance at 1423.73.
Theoretically, despite being close to a potential break out the daily Spinning Top is suggesting weakening of upside momentum, but it is unlikely to expect a meaningful pullback ahead of the FOMC.
It seems that the market remains, so far, careless to Risk off news from Europe and a potential, at least, short-term reversal of the EUR, the approaching FOMC meeting may be the reason behind this benevolent attitude.
Therefore, at the moment there is no clear edge within the potential EWP options that I showed this Sunday.
Also, it is strange that at today’s EOD we have VIX up Equity up and bonds up.
Below in the 30 min SPX I show the same ideas:
Additionally, the scenario of a ZigZag with a wave (C) unfolding an Ending Diagonal is still possible as long as 1410.90 is not breached.
If this ED pattern plays out it could have a bearish outcome by ending the assumed wave (B) off the September 14 high since we would most likely have negative divergences in the final wave (V) of the ED.
Conclusion:
Regardless of a potential pullback I maintain a bullish bias (until technical evidence shifts to the bears camp) since the pattern off the November lows is not complete yet.
