Sunday, August 8, 2010

Weekly Forecast


I have entered a short last Friday at 10,645, DJIA down for more than -100 points (lowest 10,516), and rebound.
triggered my buy stop order 10,645...
Gotta hunt for another entry next week.

The reversal has signaled a bullish trend continuation.
Check 4 hour chart, it even showed a bullish engulfing pattern.

I am not surprised that DJIA will go up up next week with resistance kept at 10,700 and 10,900.

Monday range would be 10550 - 10730:
1) Aggressive Long Traders may wish to buy at current support 10,500-550 region,
abandon long view should market break below 10,400.
2) Short Traders are advised to be patient to look for reversal at 10,730 region,
should market break above 10,750, next target is 10,900.

NDX 100

Monday trading range should be narrow 1875 - 1920.
Strong resistance 1940.  I suspect Nasdaq will chase another 10 points to 1,912 on Monday.
1) Aggressive Long Traders may wish to Long at 1,875, Stop Loss slightly below initial support 1,865.
Abandon long view should market closed below strong support at 1,830.
2) Short Traders hold your breath and spot the V should the market reverse at 1920 - 1940 next week.

No comments:

Post a Comment