Last week in focus was the Greece bailout, and generally market is positive with Euro-Zone debt issue for the time being, and we expect the bullish sentiment to continue for another week.
Week ahead, we have Pending Home Sales m/m on Tuesday 12am, Core Durable Goods orders, CB Consumer Confidence, Prelim GDP, and Friday is ISM Manufacturing PMI consensus 54.6 (previous 54.1) to rise to highest in 8 months.
DJIA
Weekly candle suggest bullishness towards 13050 and 13150.
Daily candle show bullishness but momentum has slowed down with diminished day range.
4H chart show bullishness with higher high, higher low; intraday chart suggest market to turn down from current high to support 12880, if market manage to sustain above 12850 then we will see it reaches 13050 soon. Any positive news in the market may stimulate the bull higher to next resistance 13150.
Trade action: Early of the week, aggressive short at 20 pts. from opening
(if market open at close 12982, mean we short at 13002),
SL 13020 (slightly above last week’s high),
TG 90 – 100 pts. (estimate 12880-900).
Mid-week hunt for Long if market manages to sustain above 12850.
YM
Last week on YM: market open gap up an traded down to touch support region 12890 pts, it rebound and close at 12959.
Similar trade action: early of the week - Hunt for short at 13000 region, SL 13030, TG 100 – 120 pts.
NASDAQ 100
Market is bullish and it will continue to challenge higher high towards 2665 pts.
Last done 2604, Current support 2590, strong support 2575-2580.
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