Me and you and a dog named Boo.....

The round up of Monday first. I had expected initially a longer white candle before the market opened and then expected a sell off seeing the matket behaviour during the day. This conclusion I drew from the fact that even after Europe opening positive - we starting shedding points.
Meanwhile the europe gave highest inflation nos since 1992 to 3.7%.
Noticed that the discount in futures reduced and came to premium? -- but then the nifty retracted and gave up the gains. So overall a positive monday but the confidence of bulls was really lacking where they bears had heavy hand above 4600 and bulls a better hand at lower levels. Well who won the round? -- white candle with the body above the last candle -- definately bulls won. There is no lower wick - meaning that the market never fell below the opening.

So far so good. Europe after a good opening however dropped to red and US after a weak opening tried to recover - Nasdaq closed green, up .83% and DOW closed red, down .31% S&P500 absolutely flat at +.11 or 0.01% in green. Taking these que's asia is totally confused. All this was by the way dictated by the oil prices fluctuations. Saudi did promise to raise production but less than expected.

What lies in store for us today? well a fairly confused day but a definate slow and steady move towards 4700. Candles? well say nothing in particular. Other indicators? Well MACD fast line may cross over the slow line and that is good. Stochastic fast line is already well above slow line and has crossed over 50 line remains good, RSI inching towards middle marker and StochRSI above middle marker. Bollinger band is contracting and the candles have moved away from the lower side of the band. Another good thing is that no indicator is giving overbought sign and so a sell off not likely still. Reading TRIX is tricky as it is now almost flat and Jaggu is still sleeping so cannot saw anything about TRIN.

Okay just as I was about to post TRIN has been posted by Jaggu and it says bearish. So inspite of developing positive signals the confusion remains.

I expect a red to flat opening with a slow and steady move up if other indicators remain constant and oil does not give any jitters to the market. We remain firmly on our way to 4700.

Best of luck for today's trading.