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Dow Jones Industrial Average (DJIA)
When I see DJIA closed at 12391 this week, I am so excited and I hope all readers are thrilled as I am, I want to laugh my lungs out. PowerWave is freaking amazing, market has just hit the WTP! If you have neglected the concept, come back and refresh the knowledge, refresh your skills, get ready for the next move.
Again, DJIA has progressed as per our forecast, hit our target price, closed as per the level we mentioned here! DJIA has gained 125 pts (+1.01%), closed at highest 12391, lowest 12193.
Trading on DJIA need a lot of patience, day range has been diminishing, we have average range of 100 pts early of this month, but we only have 80 pts as of last Friday, volume start to reduce from Monday except a volume spike on Friday.
The dynamic change is like a prelude to the next chapter of a music ensemble. I am waiting for a market breakout! I love the reduced day range, and I love increased volume, many transaction has been carried out, it can be traders closing position, it can be traders adding position for the next ride. Now tell me, which side are you in?
I expect DJIA to make another series of bullish candle, 12450-12500 is the target of the week.
S1: 12290
S2: 12260
On the dark side.... (short side) If DJIA closed below 12260 this week, expect DJIA correction to take place, short and expect correction until 12000 region in 2-3 weeks time. Expect 12000 a strong support now, BUT, if 12000 failed, there will be another series of correction and the trapezium trade is on!
Nasdaq 100
I am so glad that the Nasdaq 100 has come to 2400 target last Wednesday, readers must be happy collecting the post-CNY AngPow hahhaa...
Nasdaq 100 settles at 2392 for the week, highest 2403, lowest 2371. Posted another weekly gain of 13 pts (+0.5%). Outlook for Nasdaq 100 is neutral, although we maintain ultimate target at 2440, if Nasdaq posted a loss this week and close below 2360, I reckon that the correction is going to take place until 2300 strong support in 2-3 weeks time.
R2: 2440
R1: 2420
Current high 2403.
S1: 2380
S2: 2360
For the week: observe to Long when market come to 2380 SL 2372 TG 2420.
Honestly, I prefer to trade on DJIA than Nasdaq 100, we can compare the strength, you will find out that the bullish strength is Nasdaq 100 is weak.
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