The reporting season starts today... Market generally sensitive with the earnings reports, the report will start off with Alcoa, JP Morgan Chase and Google.
DJIA
DJIA uptrend has been compromised with double top at 12454, and a lower low on last Friday.
The low sits nicely above the current support of 12320.
The earning week has finally come, with DJIA currently trading near the support level, it is very good to pick long before the earnings kicks the rally to a higher level.
Good support at 12320, observe the star candlestick pattern when DJIA trade at 12320 last Friday. Current resistance 12454 - double top, the breakout is going to happen in this week after a weeks of congestion. I am expecting top breakout and drive DJIA all the way to 12580.
In case DJIA break below 12315 without testing top 12454, expect DJIA to dip further to find minor support at 12280, strong support 12180.
Nasdaq 100
It is a roller coaster ride in Nasdaq 100, those who already entered Long at Thursday might be stopped out on Friday, or merely surviving.
I have switched my view on Nasdaq 100 to slightly bearish due to the lower high, lower low on Daily Chart.
Obviously Nasdaq 100 has changed to a lower gear for this rally, if you observe the intraday chart, Nasdaq 100 is trading lower each day, and the support of 2315 is merely holding it up.
Expect the Google report (Thursday) to lift up the market? Lets lay back and watch the development but secure the trade with a proper SL at support level.
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