Earlier Updated 23/09/2014...
" For 23/09/2014 resistance is at 2001.90 and staying below it is negative for it.
Major support at 1973.70 on 30/09/2014."
Above chart shows the market movement between the Gann Angles.
We have attained a low of 1978.63 against the target of 1973.70 which was for 30/09/2014.
As per the system of Gann Angles one could shorted at high of 2019.16 on 19/09/2014 with conviction as our Gann Angle resistance was 2019.26 as shown in above chart. Please the past hits on this angle making it more critical angle.
Targets on downside on angles where 2001 breached on 21/09/2014 and 1985 breached on 23/09/2014.
On 24/09/2014 shorts where covered at 1986.16 with a profit of 2019-1987= 32 points and trade is reversed at same price of 1986.16 with target of 2002.71 on 25/09/2014 with a stop loss of close on 24/09/2014 at 1998.30. So we are currently holding a profit of 1998.30-1987= 11.30 points.
S&P500 will face stiff resistance at 2003 levels breaching it we will continue our longs or we may book profits at that level (2002.71) and reverse.
On the downsides the targets/supports for 25/09/2014 in a reversal scenario below close of 1998.30 or 2002.71 are 1986.16 and 1975.88 .
Happy Trading !!!
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