S&P500 Update 04/10/2014

Last Update on 03/10/2014 before market hours...

" For 03/10/2014 we need to hold the price of 1942.73 for positive bias intraday. Any close above the level of 1943.20 will show chances of recovery.  Above 1942.73 we can see recovery upto 1963.14 on S&P 500 . 

October 2014 will be very volatile  seeing astrological events for this month too much happening in one month. So be sure of your trades with proper stop loss and money management rules."

 

On 03/10/2014 S&P500 opened at 1948.12 which was the low for the day. So staying above the level of 1942.73 was positive for the day ahead. Also close above 1943.20 was mentioned with targets of 1963.14 and we achieved more than that. So taking a conservative entry of 1950 we got intraday profits of 1970-1950 = 20 points on the index. Now we need to maintain the level of 1963.14 on closing basis as marked on the chart. 

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.

Happy Trading !!!