Monday, November 19, 2012

DJIA and Nasdaq 100

for the week starting 19-Nov-2012

Last Friday, DJIA has posted a reversal candlestick pattern on daily chart, posting a low of 12470 pts.
We identify 12500 level as current support and reckon market to consolidate this week between 12500 – 12850 pts and hopefully market could retrace back to 13050 region in December before the bear take control again.

Market is doing retracement up but the major trend is still bearish, I prefer to stay out.

Nasdaq 100

Similar to Dow, market has hit 3L 2523 pts and formed new low at 2493 pts, reckon market to consolidate bias up towards 2560 pts, and hopefully return to 2600 pts before the next fall take place in December.

Nasdaq 100 is trading as 2540, Daily Trading hunt Long near support 2535 pts, TG 2560 or close EOD.

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