DJIA and Nasdaq 100

Dim sum breakfast with a group of fun person, help to hang a photo frame on the wall in a friend’s living room (I am not the one hanging, but I do marking and measurements), and laze the whole afternoon – made instant noodles, read news, ate chocolates, took some fresh milk, read magazine, and watch some Taiwanese drama…

Rain was heavy and I can see the rain pour from one side of the city, to the other side.

Having a Sunday like this is really cool, it has been like… 2-3 months I don’t get to rest this way, appreciate.

DJIA and Nasdaq 100 Update for week Starting 29-Oct-2012

DJIA

Market has post another black candle on weekly chart after last week’s confirmation.

While the earnings report is still on the way (more than half has reported their earnings) but I think the economic data which is due to release this week, NFP, is going to be the focus of all traders and investors.

After having the QE3 in force, election, can US create more jobs and reduces jobless rate as per the market forecast?
Crucial Friday.

Strong Support: 12950 pts.
If, DJIA break below this strong support, then it shall head down to TG1 12750. Then 12500 pts.

However, I believe market to sustain above 12950 in this coming week.

Intraday Chart (4H)

Turning Long near Friday low 13004 pts. is preferable - SL 12950 pts.
Rebound shall bring DJIA back to 13200 pts., then trade sideway bias up to test 13300 pts. (last week opening).

Yes, I am bias long in the middle of this bearish trend.  Trade with caution and lets aim for another short after market face rejection around 13300 pts.

Intraday trade for Dow: Long @ 13050 – 13070, SL 13000, TG 13200.

Nasdaq 100

Bearish
Weekly: Bearish
Daily: Bearish – meeting EMA200 support, leading to short term consolidation.
4 Hour: market should rebound in coming week (similar to Dow), and I do hope the rebound could at least bring Nasdaq 100 back to 2698 – 2700 pts.

In coming month (November), lets say market rebounded to 2700 and face hard resistance, we reckon another wave of correction, sending market down south to 2570 pts.

Compare to Dow, Nasdaq 100 is more bearish and I would prefer to Long Dow, than to Long Nasdaq 100.

Cheers
Ayumi