Last Friday, DJIA closes at 13,896.00 pts
Jobless claims was down 5,000 to 330,000 in the week ended 19 January, lower than median forecast; sustained gains in hiring is positive. However, the government might reach USD16.4 trillion debt ceiling in mid-February and U.S. Treasury Secretary Geithner reiterates budget cut.
Last week we forecasted market to reach 13,750 pts, and market has risen higher even to reach 13,896 pts. As per our forecast last week:
Once market has taken out 13750 then it might continue heading north towards 14k, and then 14120 pts. Otherwise we expect some consolidation to take place before another significant trend is formed.
We maintain the same view.
Related Post: DJIA and Nasdaq 100 for 21-Jan-2013
Have you read something about the correlation between Gold and AAPL?
Nasdaq 100 has progress well above EMA50 beginning of last week but on 23-Jan-2013 (Wed) market has formed a long bodied black candle down and erased the earlier gains.
Nasdaq 100 has once again trading around EMA50 and we reckon the same pattern to continue - trading sideways bias up as long as market didn't fall below 2695 - 2700 pts.
No trading signal for Nasdaq 100, no trading recommendation.