Finally we have come to the 1st week of October 2010, after the huge bull run in September, is the odds of taking a breather increasing? or the bull is currently in control and the concern of double dip is fading away?
DJIA
DJIA has hit a new high 10,948 last week. Congratulations to our aggressive long traders who has long DJIA at 10,750, you have stomach +180 points in 2 days!
Technically, with a reversal candlestick pattern on last Thursday, DJIA is currently resisted at 10,865 level. Strong Resistance at 10,950.
For intraday trade, prefer short DJIA at 10,880-10,900, SL 10,930-950, TG 10,780.
However, if market has break above 10,950, it may continue to head north to test 11,200 (High Apr-10).
We have many economic data release this week, especially the NFP data on Friday. Generally, market are waiting new trend to emerge, traders please be extra cautious if you want to trade.
Nasdaq 100
Strong Resistance: 2030
Resistance: 2017
Support: 1985
Next Support: 1980
Similar to DJIA, spotted reversal candle stick pattern last Thursday. If market break above 2030, it may continue to retrace to test 2060 (High Apr-10).
Traders are advised to stay out.
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