Sunday, January 2, 2011

DJIA and Nasdaq 100

DJIA on 3-Jan-2011 (Mon)

Resistance 2: 11730
Resistance 1: 11630
Support 1: 11520
Support 2: 11420

Expect the bullish momentum to continue, for DJIA to rally towards recent high of 11630 and further to 11730.
This week, DJIA has to break above the high of 11625 and mark new high to at least 11650.  Failing which would signal a good chance to short and expect the market to correct to 1st support 11520 and 2nd target 11420.

Traders with Long position enjoy the long, slow ride, traders with short view need to wait patiently for a clear reversal sign.

Nasdaq 100 on 3-Jan-2011 (Mon)

Strong resistance of 2240 remain an important level to watch, switch to 1 hour chart, we can see that the price has been trading in the range of 2240-2200, with the top & bottom both tested 3 times...

The momentum has slowed down, but the market may rally higher due to after-party.  However, if the price has fall below 2200 in coming week, chances are Nasdaq 100 going to 2185 or strong support 2165.

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