Concerns over Euro zone sovereign debt issues dragged Wall Street market down last week.
Stocks ended lower but posted the best gain since Quarter 3 since 2010.
DJIA slipped 48.84 pts last Friday to close at 13,437.13 pts (-0.36%).
While September is historically the worst performing months for stocks, DJIA rallied 2.7% this month, logging the third largest gain in 2012.
For the quarter DJIA posted robust gains of 4.32%.
Generally traders are cautious about this quarter (October 1st is here!) – with the elections and fiscal cliff coming up, and we expect some profit taking to happen during next couple of months.
Technical Analysis
Looking at the weekly chart we might observed that DJIA has posted a bearish candlestick pattern, and DJIA is trading at a crucial level – breaking below 13350 pts shall confirm the bearish sentiment in daily chart which sets the new trend for coming 2 weeks.
4 Hour chart has signals a bearish sentiments and market is currently resisted below 13500 pts (EMA50, 4H), Support 13350 pts.
We suggest to stay out or to short when market try to pierce above 13500 pts but failed.
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