DJIA and Nasdaq 100

Technically and fundamentally the Wall Street has entered into a worrying state, commodities and stocks plunge on last Friday after Greek debt emerged. President Obama announced the next stimulus package.

After two years of fighting to content the debt issues, there are rumors and news relating to giving up on Greece, German banks were the biggest holders of Greek government bonds at the end of 2010 with $22.7 billion, Germany May be Ready to Surrender Over Greece.

YM

YM is testing the double bottom support,
Monday may have a slight rebound to 11100, hunt for short and
And target for the week @ 10570.

In case market rally above 11100, next strong resistance 11300.


DJIA

For advanced associates: Trapezium in play and similar pattern happened.

We learned many market entry from Sifu DAR Wong during advanced workshop, example like Trapezium for Daily entry, Butterfly pattern for intraday entry, and Divergence, etc. etc...

So some of us missed the last chance to short when market retrace to Fibo Retracement 50% last week,

Next action is to SHORT upon market retracement, but we reckon there will be less than 1/3 retracement.

Few entry method can consider today:
Stochastic is low, can look for stochastic butterfly pattern during intraday, when it completes - hunt for short.
Aggressive Trader can consider shorting at Initial Shadow around 40 points from opening; ATR 255 points.
1/3 Fibo Retracement / Resistance for today at 11090 - 11170 observe for shorting opportunity here.


Temporary Support for today @ 10950 double bottoms, but it is weak.
Next support @ 10805.


NASDAQ 100

Nasdaq 100 chart seems weak, but not as weak as DJIA; it is trading in a Big Flag pattern and already testing the bottom for 3rd time last week.

Expect support @ 2140 to break (NQ chart 2130) today or Tuesday. Breaching below 2110, Next target we are looking at least 2082.



Fundamental News for Greece and Germany:
http://www.bloomberg.com/news/2011-09-11/germany-readies-surrender-in-fight-to-save-greece-euro-credit.html