Market Grind - IC News

Published: Fri, 12/13/19

We Started the Week on a gloomy note but ended in Euphoria, What changed?

Nifty corrected after an 8 week rally which is normal and the retracement was a littleover 23.6%. But there was an underlying trend that you could have seen coming if you were watching these international markets for clues. World markets held their own and rallied this week in expectation of good news. Now all you need is the good news from a handshake over the trade wars. But then news could be anything the charts want.

Enjoy Your Weekend!

Rohit

S&P 500

The momentum on the S&P 500 did not go back below the zero line, and that can be one reason why US stocks are still consolidating ahead of the FED and other Central bank meetings and the Deadline for China trade. Technically a pullback to test the 40dema again in wave c of 2 is an open possibility before the next wave higher.

snp 101219

Shanghai Composite

China is holding its own when it comes to the stock market despite all the news flow around it. The key retracements holding make it like like a developing up move with impulsive rallies and the next move is wave III of 3 back to the highs. Does this mean we have a trade deal? Who knows that the trigger will be, the charts know something till proven otherwise.

shanghai 101219

Singapore

Singapore's Straits times index looks like one long winding triangle and after the 3 wave rally up wave E down should be the last dip to or near the lower trendline of the pattern.

straits 111219

Dollar Index

Dollar breaks the wave i low last night and early morning the spot DXY is below the low of wave 1 so wave 3 down has started for the dollar index. Next important support is near 96

dxy 121219

DAX

DAX started wave V up from the bottom end of the channel for the 5 wave advance developing. The 5th wave V=I goes to 14340 near the top end of the channel based on simple fractal calculations. So are European stocks now optimistic about Brexit? Or the real thing some earnings growth expected next quarter for Germany? A mix of things that shape the trend despite negative news flow.

dax 131219

Soy Meal [CBT]

Soya meal prices have spent three years in this trading range since I marked wave one and the 2016 top. A third wave remains due at some point of time and prices are at the lower end of the range. The initial waves one and two of a third wave may have developed. The top end of the range is at 85 and the wave one high is made in 2016 was at 432

soy 061219

FIIs Add Puts to an extreme

Once again this indicator is at -32% short at the bottom end of the graph where we get bottoms. Previous readings indicated that we were near a bottom from where prices moved higher in the coming weeks. The reading on Friday is lower than that on Wednesday after it spiked on Thursday. So it is oversold again on this one tool.

fiiops 081219

Russia RTSI

Russia started another rally after a small consolidation. Clearly making higher tops and bottoms over the last year and breaking out above the grey line from 2008. 3=1=1700 for the Russia RTSI index

russia 091219

Soy Bean

Ncdex prices for Soy Bean quintal show a new high as we finally breakout into wave 3. Holding above this line at 3900 we may test the previous swing highs at 4309, 4855 and 5064

soy 101219

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Rohit Srivastava
www.indiacharts.com
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