Monday, April 9, 2012

DJIA and Nasdaq 100


US NFP increased by 120k (meaning added 120k jobs in March 2012) – fewest in five months, lower than forecast 207k (previous month 240k), market optimism has turned sour…
after the announcement market has fallen more than >1%.

Read this:

From technical chart,
Daily chart: uptrend remain intact if DJIA can maintain above its major support 13000.

Intraday 4H chart: from short term trading - DJIA has fallen below the uptrend support, thus market has turned from sideways bullish, to sideways bearish.

We expect the market to trade below daily chart major support 13000, and expect market to rebound when it touches 12950, however, the rebound would not be strong and limited to previous support 13100-13150 (which has turned resistance).


Similar to Dow, short term view bearish, target to test support 12700-12750.
YM on Broco chart was trading at 12850 last Friday.
Stochastic level is low therefore we reckon market to trade sideways bias up to R1: 12880, R2: 12930.

Daily Trading: Initiate short trade at resistance R1, and target exit 12750 (based on initial shadow)


Support 2730 holding strong.

Stochastic level is high but no signal for drastic downward correct, expect market to continue trading sideways with bullish bias. Due to Easter holiday, market was closed last Friday, but beware for external factors which might pull NASDAQ 100 down. Suggest to stay out.


NQ has formed the First black candle on weekly chart!
For the coming week, I expect market to trade sideways bias down testing support S1: 2710, S2: 2700.
EMA50 Support has turned into resistance now near 2750 region.

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