DJIA and Nasdaq 100

for the week starting 4-Mar-2013

Me and mentor, we had a little chat.

I long US30 (DJIA) last Friday after formation of the EMA50 in 4H chart.
Mentor says : Oh no~~~~!!!! You are anti-recession.
Hahaha target to close at 14150 pts.  Currently floating 66 pts. profit.


DJIA

From Economic Data front, US shows positive consumer sentiments, ISM Manufacturing PMI is better than expected.

The current chart pattern formed a higher high and a lower low, it looks like a trumpet, and it is hard to trade nowadays if you didn’t protect your trade with Stop Loss.

I am anti-recession.
Market shall go up, higher and higher.

It has reached 3L target last week at 14,120 pts. (the level I been waiting for months!)

A new PowerWave has formed with last week’s candlestick pattern, it can either be a new down wave, or an inner wave and the extension of the up wave – beware!

This week, we forecast market to challenge all time high (2007) 14,270 pts.

This week:
Resistance: 14270 - 290 pts.
Resistance: 14150 pts.
1st Support: 14000 - 050 pts.
Strong Support: 13850 pts., breaking below this level would trigger to bearish sentiment

Monday:
Long with initial shadow, near 14000 – 14050 region, SL 50 pts. from entry, TG 14150, TG2: 14250 – 14290 pts.

Once market has breakup above 14,300 pts., market might reach 14,650 – 14,700 pts. within this month of March 2013.


Nasdaq 100

Hope for another bullish candle to resume up trend.

Target: 2785 pts.
Resistance: 2760 pts.
Current Support: 2735 pts.
Strong Support: 2710 pts.


Sequester news going on.....
watch for opportunities