Looks like the US markets dont want to take chances and are pressurising the law makers by dipping last evening , into passing the bailout package ASAP, so that Americans and the world goes about doing there business..The consenses remains that no one wants financial mayhem in this world..
Coming to our markets..the speed lines in the intraday 60 mins charts suggest a trading range for us..around 3800-3900-4050 app... the Fast DTI is reflecting the last 2 days upwards momentum but near zero cross over, which can reverse in opening only..
I would like to pointout here that one of the good tool to evaluate market /momentum/direction is MACD. Unfortunately in daily scale its still negative..long positions should be taken only when this starts displaying upwards momentum or positive divergence in DAILYCHARTS..I will post some charts for all to see and take/plan their investment/trading stratergy.... happy trading ..cheers.
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