The stock market suffered wide-spread selling, pushing the Nasdaq 100 and Russell 2000 in negative territory for the year.
DJIA
Last week, DJIA opened at 12151.20, closed at 11951.90 (-199.30 pts), -1.6%. Market fall for the 6th week.
We forecast market to enter into consolidation, with bearish momentum.
Market was oversold, and this week, economic data release is heavy, this would decide the next market direction. If economic data is strong, we may see a sudden rebound above 12000 and 12300.
Otherwise, market will dip to support 11720 and March low 11550.
Major economic data release
Tuesday 8:30pm Retail Sales & PPI
Wednesday 9:00pm TIC Long Term Purchase
Thursday 8:30pm Building Permit & Unemployment Claims
Thursday 10pm Philly Fed Manufacturing Index
Friday 9:55am Prelim UoM Consumer Sentiment
Nasdaq 100
Last week economic data release is mixed but triggered massive selling in Nasdaq 100.
Nasdaq 100 is trading in negative territory for the year, opened at 2289.34, closed at 2223.34 (-66 pts), -2.9%.
Next support would be Mar'11 low 2188.92 (34.42 pts away).
However, if the policy maker stop printing money, no announcement on QE3, or any other policy to support the market by end of this month, we may foresee Nasdaq 100 resisted at 2270, and the waterfall to continue testing 2085 (Nov'10 low).
Waiting for the next giant move.
How did your GBP trades turn out so far? No updates? I see there was bit up whip. Did you exit or held on?
ReplyDeletehi Ai Shiang shui~~
ReplyDeleteThanks for coming again :)
my 2nd trade to short at 1.6350 were triggered with stop loss of 40 pips.
However, I am still holding on with my 1st short position at 1.6450.
moved my SL to entry, it is either a square trade, or I will be sitting on the trade until end of this month, or until 1.6050 - 1.5950.