Hohoho, like what we have forecasted last week, the triple crossing in Daily Chart indicate strong bull, DJIA rallied all the way to 12700-800 region.
Like what we mentioned on last Monday, the bullish strength shall cease at 12700.
Indeed, DJIA faced resistance at 12700, formed a black candle on Friday in line with soft jobs.
Next week is the start of the reporting season :-)
DJIA has travelled so far from 11900 to current 12700, it is still possible that Dow to take out 12780 resistance, and rally towards 12875. Watch: the earnings report from ALCOA, and Google.
On the economic data front, pay attention to:
Thursday 14-Jul: PPI and Retail Sales for June;
Friday 15-Jul: Consumer Price Index for June.
If the report is below market expectation, DJIA should find support of the week at 12450.
Monday: stay out and wait for reversal confirmation.
NASDAQ 100
Bullish sentiment shall continue, support at 2380.
Resistance 2420 (triple top on weekly chart)
2 scenarios:
- If Nasdaq 100 can break this triple top resistance, next target is 2440, 2480.
- If Nasdaq 100 starts to consolidate this week, it shall hover between temporary support 2380 - 2420, and I expect a healthy correction to 2350 before it continue to go up.
No comments:
Post a Comment