Today, is the last day of service for my crazy colleague, whom I regard him to be a friend.
They said, if you have a crazy friend, you have everything.
I am glad I know such person existed.
Little brother, farewell!
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DJIA fell 0.2% last Friday, ending the longest winning streak since 1996.
U.S. dollar weakened. The yield on the 10-year U.S. Treasury note dipped to 2%.
The euro zone struck a deal on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion) – Cyprus is the 5th country receiving financial help during Euro-Zone debt crisis, after Greece, Ireland, Portugal, and Spain.
DJIA
Weekly Candle: The weekly candlestick pattern suggests early weaknesses in DJIA, we suspect market to trade lower in the coming week to 1/3 fibonacci retracement level around 14300 - 14350 pts.
This week in US we have some housing data on Tuesday night (SG/MY Time), and most importantly, Fed announcement on Thursday 2am, and Thursday night on manufacturing data and employment data.
For the beginning of the week, we reckon market to trade sideway bias down towards support near EMA50 (4H) or 1/3 Fibonacci Retracement Level aroudn 14300 - 14350 pts.
Then to accumulate strength and turn up upon positive data releases to form new high, breaking 14,550 pts towards 14,700 pts in the coming week.
Or turn down upon negative news releases to test support 14,150 pts.
Nasdaq 100
Similar to Dow.
Early of week, bearish.
Support:
2760 pts
2750 pts
Two Scenario:
Upon bad data, will dip to 2712 pts
Upon Fed new financial aid, reverse up, recover to
2780
2810
then retest previous high 2835.
Next to target 2855 (in coming weeks).
No mention of the Cyprus bombshell? That's sure to move the markets...check the futures! =)
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