Friday, February 10, 2012

DJIA and Nasdaq 100

Nasdaq 100

Long Position (since Tuesday) 2519 pts closed at 2550 with 31 pts profit.
Strong bull super bull all the way hitting 2L, Nasdaq100 currently trading at 2559.25.

On FXCM Nas100 is trading at 2561/2563.  If the strong bull continue then next target should be 2595, another 30 pts to go.

A little pull back is happening now after Nasdaq100 hit 2565 high last night.
Upward momentum has slowed down a little bit, current support 2545-2548 pts.

If Nasdaq100 trade below 2545 then it might have a short term correction back to 2520 pts.

Bet for upwave to continue?
Aggressive trading can enter long at 2552, SL 2544, TG 2592 or close EOD.
Short term if market fall below current support 2545, abandon long.

DJIA

Compare to Nasdaq100, DJIA has a weaker bull and the correction has taken place.  Last done 12890 pts.

Observed two star candle on daily chart.
DJIA didn't make it to 2L target and it has reduced upward momentum.

So far the weekly candle is still positive, today, I reckon a short term correction back to 12800-815 level and bounce off the low, and close above 12850.
But, if DJIA closes below 12850 tonight, then the weekly outlook might change from sideway bull to neutral.

YM

Last done 12830 pts.

Resistance 12880 pts.
Similar to Dow, reckon a short term correction down to 12750, bounce off the low, and close above 12780.

YM needs to bounce of this low 12750 and close above 12780 in order to maintain the bullish outlook.

Immediate action: Preference is to short at market, and close at 12780 (don't really feel like shorting because the stochastic is quite low).

Patiently Hunt for long at 12750 region if support holds.

Thank God its Friday
Ayumi

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