From Weekly Chart, the market has reached to high of 10719 on 9 Aug 2010 (Monday) and turn down from there. It has fulfilled the Head and Shoulder pattern with the Right Shoulder high 10,719.
If you look into Daily Chart, it has formed a nice inner wave.
Current support for DJIA is 10210 (confluence with EMA200 on Daily), once the market has break below 10210 and closed below it, we are expecting the market to turn down to 10,000 region.
As mentioned by Master wccm on Friday (Link to Forum), we are looking at DJIA to retrace up to 10,400 region. For those who have attended Professional TA, you can see a good pattern in 1 hour chart, that support our view.
Do capture good short entry with tight risk management.
I recommend to Short at 10310 with SL 50 points away.
If market break above 10360, next level to pick short is 10,400 with stop loss at 10,500.
I do not recommend Long as it is counter trend, however, for intraday trading, we foresee the market to be trading in 10200 - 10450 on Monday. Intraday traders and initiate orders at the extreme end with controlled risk.
NDX 100
I suspect Nasdaq 100 to be trading within 1860 - 1810 region, preferred to short at 1860 region with relative low risk. Our target is 1,790 followed by 1,720.
Wishing all of us make good trades during the auspicious Ramadan month which the Muslims Fast and practice about patience, humility, and spirituality.
Related: APSRI Forum
Related Topic:
APSRI Forum : DJIA and Nasdaq 100 Index Trading
Related Post:
APSRI Forum : DJIA and Nasdaq 100 Update for Mon 23 Aug 2010
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