S&P500 and Dow Jones Update 08/10/2014

Last Update on S&P 500 on 04/10/2014 pre-market .......

"On chart with angles support at 1966.47 and 1962.16 for 06/10/2014 and resistance at 1973.35 and 1979.67. Those who follow the geometry of markets know the importance of the level of 1980 which will be the next strong resistance. Sustaining above 1980 level we may see further momentum on the index."

Update for 08/10/2014 pre-market.....

For 06/10/2014 we had observed 1980 as next strong resistance and market obliged us with a high of 1977.84 . Two resistance levels were given 1973.35 which was crossed and second  resistance of 1979.67 was not crossed as high was 1977.84. Supports of 1966.47 and 1962.16 were given. One would have booked profits on longs near the 1973.35 conservatively and reversed with shorts with both supports as targets and both were achieved intraday with low at 1958.43. So profits only on shorts taken 1973-1962=11 points. Cautioned about the level of 1963.14 which was breached intraday and close was at 1964.82 marginally above it.

For 07/10/2014 level to be observed was 1963.14 again and we breached it again for second day. Supports for 07/10/2014 were at 1946.38 ,1937.49 and 1934.33. Intraday low was 1934.87. So shorts below 1960 were on for intraday so profits would be 1960-1938=22 points. 

For 08/10/2014 1937.78 is the level to be watched as pivot with resistance at 1947.24 and 1961.30. Supports at 1934.05 and 1927.43. Earlier low was at 1926.03 another critical level.

Above chart shows the Dow Jones Index with repeated failures to cross the angle successfully. For this index 16846.47 is the level to be watched if crossed then bias is positive with resistance at 17149. Supports at 16530. These are swing targets not for intraday.

Happy Trading !!!