Troubling economic data and uncertainty over European sovereign debt and the global recovery led investors to step back from the markets, analysts say, cutting the volume of stock and bond trading. Equity investors traded a daily average of 14.2 billion shares on U.S. exchanges in the third quarter through Sept. 3, according to Bloomberg data.
DJIA
Resistance: 10,580
Current Resistance: 10,480
Current Support: 10,330
Support: 10,250
DJIA has been trading in a narrow range of 150 points last week 6-Sep to 10-Sep-10. It is now capped below 10,480, breaking above 10,480 will lead us to 10,580. Failed to break above 10,480 will lead us to the support level 10,330.
For Intraday Trades, Short at 10,480, SL 10530. TG 10,330.
As mentioned by our forum masters, you know it has a high probability that we are now end of wave B and beginning of wave C. We are expecting a breakout to occur and breach the support 10,250 to confirm the down move to 10,000 and 9,950.
Short at 10,480, SL 10,530, TG1 10,250, TG2 10,000.
Nasdaq 100
Nasdaq 100 is trading in a narrow range of 44 points last week.
Resistance: 1,920
Current Resistance: 1,900
Current Support: 1,850
Support: 1,800
For intraday trades, you can position your shorts at 1,896, SL slightly above 1,910, Target Exit 1,850.
Similar to Dow, we are expecting Nasdaq to be well capped below the Resistance 1,900 region. Short at 1,896, SL 1,920, we are expecting breakout to occur and breach the support 1,800 and retest 1,700.
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