Monday, February 13, 2012

DJIA and Nasdaq 100


Follow my blog updates last Friday, market has fallen back to main support 12750.
This is a desirable level to enter long for the rally to continue up. I didn’t take the long trade due to weekends and hopefully can get a good long level.

Let’s take a look at the technical chart:

Weekly: candlestick pattern, neutral - bearish bias.
Daily: market is trading uptrend; last candlestick pattern suggests a bearish outlook.
4 hour: market has retraced 1/3 after touching high 12930 region.
Strong support 12730.

DJIA: market is well supported at 12743 pts; reckon market to trade sideways around this region testing 12680-12730 pts.
1 hour: stochastic level is low and hopefully the market forms a butterfly pattern while consolidate at this level.

Although the weekly and daily candlestick pattern suggested the market is bearish bias, I am still positive that DJIA could bounce off strong support 12730, may be will attempt lower low before uptrend resume.
In case DJIA didn’t fall below 12680 I am still holding the bullish view.

Minor resistance 12850
Strong resistance 12930 – 950.

Aggressive long at 12730 pts, SL 12680, TG 12930 pts.
Not hunting for short on Monday, unless market breaks below 12680.


Strong support 12680-700, target exit 12930 similar to Dow.
Resistance 12870-890 pts.

This morning market gap up 60 pts, open at 12827 pts but immediately traded down to 12800 regions.

Aggressive long at 12760 SL 12720 TG 12930.
Breaking above 13000 YM shall go to next target 13130, no looking back.


Super bull super bull
Next target 2590 – 2595 pts.

Like what I mentioned last Friday in my blog, if Nasdaq 100 trade below 2545 then it might have a short term correction back to 2515-20 pts strong support.

Monday preference is to hunt for short if market is resisted at previous high 2550 pts.


Aggressive trade: to short at 2558 – 2560. SL 2565 previous high, target exit 2530 pts.
However, similar to YM, hunt for long when market trade back to support @ 2515-20, SL 7 pts, TG 2560-2565, TG 2 2595.

No comments:

Post a Comment