Sunday, July 31, 2011

DJIA and Nasdaq 100

I had a conversation with a master coach who also traded the DJIA.
Pheeeewit, awesome trade last week.  I wish all also collected the profit already like he did.


DJIA has formed a very perfect V on the Daily Chart, coincide with the EMA crossings, like what we at Ayumi the Novice Trader forecast last week, once DJIA broken below 12520, and fallen below 12300 pretty fast.

DJIA settles at 12147 regions on Friday.

What are we looking forward?

Current support 12080.
Strong support (double bottom) 11880.

Current resistance 12230.
Monday could be a quiet day as many is waiting for the announcement on 2nd August 2011.
Shorting around 12230-250 region is preferred but only trade intraday before the news finally released.

Nasdaq 100

Current Resistance 2378
Current Support 2340
Strong Support 2320

Similar to last week, since Nasdaq 100 didn't fulfill the perfect setup for short, but generally the outlook is bearish and Nasdaq 100 is currently being resisted below 2378.

Although shorting is preferred, but due to the whipsaw, suggest to only short near 2378 - 2381 region.

If Nasdaq 100 breaks above 2388, abandon short.

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