Last week on the Wall Street, some economic data releases like Retail Sale and PPI were giving the market a boost, later part of the week economic data were mixed, US unemployment rate is high and consumer sentiment is weak!
The Euro-Zone debt crisis, will it spread over to US?
Will there be a QE3, or QE2.5 coming up?
DJIA
Volume start to pick up on last Friday, while DJIA is trading at the oversold region.
DJIA closed at 12004.36, slightly above 12000.... posting the 1st weekly gain after 6 weeks fall... Technically, DJIA is bearish, with the downtrend intact, current resistance shifted down to 12120. Weekly candle suggest a possible reversal, however, if the market were to reverse and move up, it has to at least break above 12180 and close near 12200.
Current support 11850 shall not be broken, in case market traded below this level, then market will dip to support 11720 and March low 11550.
Early of the week we can short DJIA upon reaching resistance of 12120, stop loss 12150, target 12000. Pay attention to your position during Thursday 12:30am - FOMC, Fed Fun Rate and 2:15am Press Conference.
Major economic data release ( GMT+8 )
Tuesday 10pm Existing Home Sale
Thursday 12:30am FOMC, Fed Fund Rate ***
Thursday 12:30am FOMC Press Conference ***
Thursday 8:30pm Unemployment Claims (as usual)
Thursday 10pm New Home Sale
Friday 8:30pm Core Durable Goods Orders m/m
Nasdaq 100
Many believed that Nasdaq 100 is the leading indicator of the market movement, and Nasdaq 100 has posted the 7th losing week, and traded below March'11 low.
the market is facing strong selling pressure and traded below its 200days moving averages.
Best trade action on Nasdaq 100, is to trade Short, Monday pick a quick short trade if Nasdaq 100 trading near 2210, SL 2215, Target 2185.
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