Market Update - 3.01.2014, the spinning top ASI.

The ASI started 2014 with a bullish sentiment. WoW the market edged up 61.02 points or 1.03%. The week had 4 days of trading and all 4 days we saw higher lows. The last candle was a spinning top, which can not be used to conclude as a trend reversal. As it was the last day of the week, we must closely monitor the next weeks performance as well.

5946.47 was a significant point that was to be breached which was the close of the 21st of October'13. In fact on 2 consecutive days the the bulls tried to reach the major psychological level of 6000, during the 17th and 21st october'13, with highs of 5982.08, 5979.71 points respectively, but could not. Then on the 25th of october '13, it reached a high of 5955.68, and again on the 31st oct'13 it reached a high of 5957.30, and on the 1st of nov'13, did a doji reversal at 5965.26. After all these vain efforts during that period the ASI has moved to the 6000, territory now, by kissing the 6000 mark at 6007.79, to finally close at 5973.80. If the market breaks the 6000 with vigor, it could reach the 6100, but if it fails then the support around 5950 to 5900 will be tested.