Last Friday, we have a disappointing job report that shows the contraction of US job market.
DJIA
We forecast last week that DJIA will face resistance 12650, without breaking above 12700 is a very good opportunity to short with our 1st target 12220, and 2nd target 12000.
Last Friday, DJIA traded to 12,104 low.
We believe DJIA to continue trading south on Monday, and we forecast DJIA to break below Friday low and going to test the previous support 12000-11980.
After testing the main support 12000-11980, DJIA may reverse and head up to 12400.
Monday (6-6-2011):
Intraday Trade: Prefer to short DJIA near 12200 - 12180, target 12000, or close by End of Day (EOD).
Nasdaq 100
Bearish bias in Nasdaq, similarly, support near 2250 and ultimate support 2185.
No trade. Prefer to short DJIA.
No comments:
Post a Comment