Shanghai Composite reached to Support

Shanghai-Composite

The Chinese government reported imports rose just 6.3 percent last month from a year earlier, less than half the 12.7 percent expected increase.  No doubt this reflects softening domestic demand in the world’s second largest economy and one reason why commodities have been selling off.

Don’t you think the government has to be cooking up something big?

Weekly Market Structure in S&P 500

S&P 500

Note the weekly bear flag on the S&P 500 index. You may call it by a number of different names (wedge, pullback, anti, flag, etc.), but the concept is the same: A period of contracting volatility with an upward bias following a sharp selloff. This pattern could be expected to resolve downward, providing a headwind for bearish trades over the next several weeks. Be aware that weekly patterns can take a long time to play out, and there is plenty of room for upswings on daily and intraday timeframes even if this weekly pattern resolves cleanly. Knowledge of higher-timeframe technical patterns often provides good context for trades on lower timeframes. This is an important part of understanding evolving market structure and potential technical risk factors.

Dow Jones Compated to Nifty Future

dow-jones-denifition

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Dow Jones, Just Watch above Chart

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Support: 12992 level around

Suppose to not breaking or close below it…then Dow Jones will test 13300 and 13400-422 very soon

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In case, Dow Jones will breach to 12988-13000, then buyer will enter with heavy quantities but keep in mind…”It should not good if close below it”

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Compared to Indian Nifty:

Buyer will act 5240-5258 and they intend will be 5348-5356 and also 5412-5448 above

In-case, Nifty close below 5240…then Targets 5176 and 5089

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AUDJPY

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