Saturday, February 5, 2011

DJIA and Nasdaq 100

DJIA didn't get affected by NFP, we can only see the effect within 1 minute after announcement...

Dow Jones Industrial Average (DJIA)

Last Friday DJIA closed at 12092, break above strong resistance 12050, from weekly chart, DJIA has gained +268 pts, equivalent to 2.2% gain.  With DJIA breaking above 12050, we are looking forward to 12300.

On Monday, Intraday trader can pick long using Initial shadow entry, Long at 12077 SL 12046 TG 12160, must close the position by end of day because we observed that the bullish momentum has start to slow down.  And we believe prior to hitting 12300, DJIA may want to test previous top 12020, or major support of 11950.

No recommendation of short, no reversal sign yet.

Nasdaq 100

Nasdaq closed at 2338 on Friday, and break above previous top 2336.
Nasdaq took one week to recover its losses on previous Friday (28/1), and we found a new major support at 2260.
Since Nasdaq 100 has crossed above previous high, we reckon the market to continue to rise to 2400, with our ultimate target set at 2440.
On Monday, Aggressive trader can Long at 2330-27, SL 2320, TG 2350.

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