Indian Market

Budget ignited the markets. With the best known Finance personnel in the whole of Asia, this did not really come as a surprise. But market's reaction was a bit overboard.

Technically, we "finally" have a breakout as you can clearly see from the chart below. This is the very first time that we actually broke past the upper trendline. And this happened on a great volume and with a huge surge. Another good thing about this breakout is, the next couple of days(post breakout) we have been getting good support from the same resistance line that now serves as a support line. But again, as you can see, MACD is extremely over-stretched and so are the other indicators.

US Market

Markets have been consolidating after breaking the 11K barrier, once again. The good thing about the way things are moving is that we have held onto Both 11K(dow) and 2300(Nasdaq). Though both indices did dip below these levels a few times last week, both sustained the wrath and came back up.

Technically, 11K and 2300 are giving extremely good support. As long as we can hold onto these levels, we still have good reasons to be bullish and going long. In the meanwhile, we have MACD negative divergence. Last time we had this around early Jan, we dipped for a few more sessions before rallying back up. We could have a similar scenario this time too. As you can see from the trenlines below, we are pretty much on track, both up and downside.