LOWER TOP TODAY

Market stopped SPOT ON at the speed line support of 4420 and slowly clawed its way up from there to make a top of 4497 and slipped again to close DAY near SUPPORT OF 4460,, marking a lower top after double top of 4525 zone in last few days.. all intraday indicators are giving negative divergence..Whats in it for us..?????CAUTION as we can slip suddenly if we do not cross 4525 zone soon..
Over 4420, Bulls still have a chance, Below this story starts getting tricky ...trade cautiously for the next few days so as to not get caught in any sudden wrong move..cheers.

GIVING UP GAINS

Markets gave up some gains yesterday despite the gap up opening. the speed lines above in intraday charts is showing lack of buying interest at tops and markets can seek support at 4460-4420 & deeper down at 4368 around. above 4500 only, it can resume the journey up to 4558 & above. I have added another indicator called TSI ( true strengh of index), a powerful tool for position trading..in the chart above you can see that despite the gap up and higher high of 4558 the TSI has much lower strenght than when we did 4522 few days back, indicating negative divergence in strenght. Above 4400 we are still in bull territory..take your call accordingly..cheers.