It was mentioned on the website that markets would remain bearish until Wednesday. Prior to this, S&P500 made a high of 4097 (we advised booking profit in S&P500 at 4080 / DOW at 32575 / NASDAQ at 12500). There was a gap at 3920 which has been filled. The low of 12th May for S&P500 -3857 may not be breached and a bounce back is possible over the weekend as predicted earlier. S&P500 may cross 4097.
Nifty made a bottom at 15752 and bounced back to 16350. If the support is not breached then Nifty may again bounce back to 16200-16300.
In our weekly newsletter, it was mentioned that market would remain upward till Tuesday. On Wednesday, bearish signal was indicated. Recovery was indicated for Thursday-Friday.
S/L for long position in S&P500: 3850 | Nifty: 15750.
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