As expected, Nifty didn't made big moves but there has been higher volume than last 10 days. Monthly chart looks very bearish and weekly graph shows that we are just under then 200 days moving average. Yesterday Nifty crossed major resistance and today it is being used as a strong support area. This may be a breakout test or next big leg down. Its really hard to predict at this level. Last time market went down by 150 points from this level. With low volume week behind us, its not easy to even guess tomorrows action.
If we go below 4700, we may expect further down side ........
SPX is also at the key level. Last SPX visited this range was back in November and from there it went down 130 points (with the very similar size Hammer). Yes this is a very key level. Again, with the light volume week behind us we can't say anything for tomorrows action. Next resistance level is 1293 and support is 1264.
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