A TECHNICAL SNAPSHOT ON IMPORTANT AMERICAN INDICES(19-4-2015)

For The Week Starting From-20-4-2015

DOW JONES INDUSTRIAL AVERAGE  (CLOSED AT 17826.30 ON 17-4-2015)

1. Support:-17823 / 17579.27 / 17243 / 17067 / 17037 / 16333.

2. Resistance:-17924 / 17991.19 / 18103.45 / 18169.26 / 18205.93 / 18288.63.

3. All Time High:-18288.63 made on 2-3-2015.

4. Trend:- In long term up trend.

5. Valuable Support Range now at:-17579.27---17307.

6. Tough Resistance Range:-18075—18289.

7. Critical Points For 2015:- 18103.45 & 17823. Avoid fresh long call below 17823 and exit existing long call if it consistently trade below this mark.

8. Short Term Moving Average Range:-17995-17915(it changes every day with price movement), avoid long trade below 17995.

9. Medium Term Moving Average Range:-18035-17649(it changes every day with price movement) avoid long trade below 17649.

10. Long Term Moving Average Range:-17718--17307(it changes every day with price movement) below 17718 long term up trend will be threatened and consistently trading below 17307 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

REMARKS:- The highlight of the week which concluded on 17-4-2015 was that ,it snapped off 8 days movement   in  just one trading session that is on the last day of the week and it closed just above its last critical point of 17823,and in the process it has broken its short term moving averages and also broken the trend line drawn from the bottom of 15855.12 it made on 15-10-2014 which is a bad sign. In view of the above, It is strongly suggested to avoid long call now and see how it pans out in next 2-3 days, because I feel that the last days  fall is an ample indication that it may be heading for further fall in coming days if it fails to hold 17823 levels. Long trade should only be tried either if it maintains above 17823 or near but above 17579 &17307 with a stop loss of below 17540 & 17240 respectively.

NASDAQ COMPOSITE              (CLOSED AT 4931.81 ON 17-4-2015)

1. Support:- 4842.80 / 4825.93 / 4814.95 / 4774.18 /  4760.24 / 4736.05 / 4719.61 / 4580.46.

2. Resistance:- 4948.46 / 5008.57 / 5042.14 / 5132.52.

3. All Time High:- 5132.52 made on 10-3-2000.

4. Trend:- In long term up trend.

5. Valuable Support Range now at:-4825—4814.95—4736.

6. Tough Resistance Range:-5025---5132.52.

7. Critical Points For 2015:- 4814.95 / 4760.24 / 4736.05. Get alerted in long trade below 4814.95 and avoid fresh long call below 4736.05 for sure.

8. Short Term Moving Average Range:-4977--4947(it changes every day with price movement), avoid long trade below this range.

9. Medium Term Moving Average Range:-4963--4791(it changes every day with price movement) avoid long trade below 4963, can try near 4791.

10. Long Term Moving Average Range:-4777---4627(it changes every day with price movement) below 4777 long term up trend will be threatened and consistently trading below 4627 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

REMARKS:-It snapped of 8 days movement in last days trade of the week which concluded on 17-4-2015. Today it has broken Its short term moving averages but still it is way above its critical points and long term moving averages. However In view of the last days trade of the week, it is strongly suggested to avoid long call now and see how it pans out in next 2-3 days because I feel that the last days fall is a potential indication that it may be heading for further fall in coming days, therefore long call can only be tried near important support range as mentioned above.

S&P 500 INDEX      (CLOSED AT 2081.18 ON 17-4-2015)

1. Support:-2072.37 / 2064 / 2058.90 / 2048.38 / 2045.50 / 2039.69 / 1988.12 / 1980.90 / 1972.56 / 1904.78.

2. Resistance:- 2079.47 / 2093.55 / 2114.86 / 2119.59 / 2170.

3. All Time High:- 2119.59 made on 25-2-2015.

4. Trend:- In long term up trend.

5. Valuable Support Range now at:-2058.90—2038.

6. Tough Resistance Range:-2093.55--2119.59—2144.

7. Critical Points For 2015:- 2093.55 & 2058.90 , get alerted in existing long calls below 2093.55 and avoid fresh long call below 2058.90.

8. Short Term Moving Average Range:-2095---2084(it changes every day with price movement), avoid long trade below this range.

9. Medium Term Moving Average Range:-2094---2038(it changes every day with price movement) get alerted in long trade below 2094 and avoid fresh long trade below 2038.

10. Long Term Moving Average Range:-2054--2004(it changes every day with price movement) below 2054 long term up trend will be threatened and consistently trading below 2004 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

REMARKS:-It snapped of 8 days movement in last days trade of the week which concluded on 17-4-2015. Today it has broken Its short term moving averages but still above its one critical points of 2058.90 and long term moving averages. However In view of the last days trade of the week, it is strongly suggested to avoid long call now and see how it pans out in next 2-3 days because I feel that the last days fall is a potential indication that it may be heading for further fall in coming days, therefore long call can only be tried near important support range as mentioned above.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

Kindly also note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.