US 30 formed a new all-time high of 39986.98 on April 1st and corrected sharply by 2000 points. Dow Jones gathered momentum again by forming a rounding bottom (a geometric pattern) on the charts that hit the same levels on May 16th. This time US 30 managed to close above a magical number of 40000.
CAC 40 France, DAX Germany, UK 100 Great Britain, joined the party by forming a new high last week. SSMI Switzerland index is much above the previous high of 11799.91 formed on March 13th, 2024. On Friday SSMI hit an all-time high of 12046.
Nifty 50 index is very volatile for the last few months. The VIX (Volatility Index) of Nifty 50 reached the level of 21 from 10-11 within a month. The central government election is the main reason for it. If the outcome is favorable volatility will drop drastically. If no political party gets the desired numbers volatility will increase further. Whatever the outcome, the premium of options will drop on June 4th after the election results. One can plan the 2 monthly pair of call and put. The dates 6 and 16 (+/- a day) worked as a rock. One day before the 6th was top and what a pullback on the 16th, a jump of 400 points from the day's low.
It is not that equity markets are moving northward, Gold is up, Silver is up, and Bitcoin is at 66600, where does this madness end? 40400-500 is the trend decider for Dow Jones. 18780-18840 is the trend decider for the Nasdaq 100. 73440-73590 is the trend decider for the Gold. A high, and low of May 30th may be important for Nifty for the next move.
I am presenting weekly trading levels for the last 14 years successfully. This time I am taking a break for one and a half months from this activity and will resume the same from the 1st of July again.
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