DJIA & Nasdaq 100 Update for Mon 11 Oct 2010
It is Bank Holiday in US & Japan on Monday October 11th.
DJIA
Resistance: 11,257
Current Support: 10,893
Strong Support: 10,750
Dow Jones Industrial Average closes above 11,000 for the first time in five months. Would it continue to raise to the April-2010 High at 11,257 and break above this level?
Looking at the chart, the weekly candlesticks and daily candlesticks bullish.
With the disappointing NFP last Friday, and IMF meeting over last weekend, would US announce another stimulus package to boost the economy?
We suspect DJIA to continue its bullish move in small range testing 11,250 high, it may only reach 11,180, or it may go higher, hopefully DJIA closes the week candle below 11,000 to give an early sign of exhaustion.
11,250 region is a key level to watch, I believe there are many traders who wanted to plant shorts at this level too? :) Remember to protect yourself with proper risk management, plan your trades and trade your plan :)
Nasdaq 100
Resistance: 2,060
Current Support: 2,000
Strong Support: 1,963
Similar to DJIA, the key level to watch is April-2010 high at 2,059.
We suspect Nasdaq 100 to continue to raise higher to 2,060 region and hopefully Nasdaq 100 closes the week candle below 2,030 to show early sign of the bullish exhaustion.
Watch for market opportunity to short when market reaches the key resistance level at 2,060 region.
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