DJIA and Nasdaq 100

DJIA and Nasdaq 100 for the week starting 6-Aug-2012

DJIA

Last Friday DJIA surged more than 200 points to close at 13096.17 pts after a better-than-expectation jobs report. Non-Farm Payrolls increased to 163k jobs in July, better than expectation 101k and higher than June 64k revised figure.

This sharp gains as erased 4 days losing streak. For the week, Dow rose 0.17%.

Technical Forecast:

Market has surged to 13096, support moved up to 12950. I maintain the same view, once market break above the sideways pattern, next target we are expecting market to go towards 13350.

Intraday char: market trending up with a lot of downside noise, 1 hour chart showing overbought and we suspect market to suffer a little bit of technical correction to previous group support 13050 or strong support 13000 before turning up to the target level.

Pay attention to 9pm (GMT+8 ) Fed Chairman Bernanke speaks on Monday and Tuesday.

Nasdaq 100

Similar to Dow, expect a technical pull back to 2670, or strong support 2660 before going towards 2700.