EOD Technical Analysis, CNX Nifty - 18 May 2012 - Bulls Hot!

Nifty 50: Short Term View (or) Day Chart, each candle is 1 week's price action  (or) EOD Chart:  

Nifty - End of Day - 18 May 2012     

On Thursday morning we had 'Wished the Bulls the best' (click), in our post titled "...Bull's'hot.."** 

Guess our sentiments were appreciated - cause the next two Daily closes, made by the Nifty (i.e. 4870 & 4891) were higher.

On a more serious note - at today's low, the 200 DMA read 5085 and the 34 EMA read 5100, they were within 15 points of a cross - instead they choose to deflect - as of now.

One of the supports as suggested in the last study, the Fibonacci 61.8% of the 2008 low to 2010 high, was the take off point today.

The bounce from today's low, was a neat 100+ points. 

All the above read along with our previous posts on this subject - would make the contra thinking, confirmed Bulls among us, enjoy their weekend. 

**PS: 

Bulls were Hot Today...

Bull Shot Recipe for weekend use can be googled.

Have a good one...

EOW Technical Analysis, S&P 500 - 17 May 2012 - Bulls face Book..

S&P 500: Medium Term View (or) Week Chart, each candle is 1 week's price action (or) EOW Chart:  

S&P 500 - End of  Week Chart (EOW) - 17 May, 2012.

After Monday's Market Action we had changed the short term view from Neutral to Bear (click).

It was an input received just in time, to catch the big move.

Bears celebrated all the way to 1300, and are at the 'Blue Center line' of the Monthly RBG Channel.

The Weekly MVWAP 34 (blue dashed line), is the next support.

With this decent support available, the Bulls should bounce back a bit.

Let us Face it - all this liquidity sucked out of the system by one large IPO - should be back by now eh? - maybe one can book some bull action next? :)