We wish Chinese Happy Dong Zhi, wish all Merry Christmas and Happy New Year!
Day range reduced half from 150 points to 75 points.
DJIA has been marching up inch and inch and my view on this market is neutral.
Current resistance 11518, while I believe DJIA to continue to trade in small range, extend a little bit higher to break above this resistance and form new high possibly to 11570.
Current support 11450-11420.
Only initiate your trade at clear support / resistance. Practice Fibo Range to short at 11525, or long at 11415 with minimum risk.
Nasdaq 100 on 20-Dec-2010
I am happy for the traders who secured a Long at 2200 this week, our SL is just right and Nasdaq 100 has also hit our target of 2220. Result in a Risk:Reward of 1:4.
Resistance 2: 2240
Resistance 1: 2225
Support 1: 2200
Support 2: 2185
I suspect Nasdaq to trade between 2190-2235 before Christmas.
Would suggest to stay at the sideline because current price of 2,218 is too high for a long position, and there's no reversal sign for a short.
However, if Nasdaq 100 break below 2200 and come down to 2185, the market may hold and rebound. This would be a good level to observe for opportunity to Long (but I don't think this will happen before Christmas..)
Merry Christmas to all and have fun with your Love One, Friends, and Family.
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