Nifty Views for Week starting May 17, 2010

a. Only 5 of the 50 stocks have reached the weekly OS state - 10 more in clear bear zone, with downward bias.
b. Only 23 of the 50 reached > 90% of 5Day volume avg. Of this 23 only 5 have +ve trend balance 18 are going down with volumes.
c. Of 26/50 which are in <90% - 19 are in "Down" trend and 7 in "not decided" zone.
d. 33/50 have developed -ve divergence in FMACD and 26 these are -ve in SMACD also.

So equities say Down.

e. 23 of 43 Futures tracked are either Weak or Weakening as per OI-PRICE indicator.
f. Overwhelming 40 of 43 futures have give a "Down" trend signal - Price indicator.
g. 18/43 are in weekly OS status and still signalling "Down"

So Futures say Down Down.
Precious metals and dollar are rapid in upward movement - does it indicate change in "Parking" preference for the big boys.

Added to all the TA is the looming GB threat of 18.05.10. Hope the dawn will bring in more clarity.
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In the past whenever we broke the trendline support, starting from March09 lows, we have retraced approx 23.6% from the recent highs.

1. 2540 to 5182 = 2642 points*23.6% = 623... 5182-623 = 4560
Low made 4540

2. 2540 to 5311 = 2771 points*23.6%= 654... 5311-654 = 4657
Low made 4675

Will it follows this time also
3. 2540 to 5400 = 2860 points*23.6% = 675... 5400-675 = 4725???
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