Tuesday, July 12, 2011

DJIA and Nasdaq 100

Friday Reversal and Monday Confirmation.

Check the chart from Bigger Time Frame to Smaller Time Frame...

YM (mini Dow $5 Futures) 4 Hour Chart:

YM already corrected 1/3 from last up-move, the correction is sharp.
And it is trading near EMA50 (4 Hour) support.

DJIA 30 Min Chart:

Similar price action. but 4 Hour chart yet to see support.  Support current low 12475.  Resistance 12615.

YM (mini Dow $5 Futures) 30 Min Chart:

Therefore, suspect today a little bit of pull up, and I favour to trade both sides.

Long @ 12470 (near low), SL 12424, TG 12600.
Short @ 12672, SL 12718, TG 12500.

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