DJIA and Nasdaq 100

for the week starting 18 Feb 2013

Last week University of Michigan's February report on consumer sentiment came in at 76.3, above a 74.8 forecast, this week’s major annoucement fall on Wednesday 9:30pm – Building Permits and PPI, Thursday – FOMC Meeting Minutes, Core CPI, Existing Home Sales, Philly Fed Manufacturing Index.

DJIA

DJIA closed just barely higher but formed a bearish candlestick pattern on weekly chart.

With the new high formed last week, at first I was a strong believer that market could look up above 14100 to hit 14,120 pts.  Instead, market fall to support above 13900 and closed at 13,981.76 pts last Friday.

I am getting back to my belief that stocks / DJIA needs to face correction by end of this month (February) and extend to March.

Related Post: http://ayumi216.blogspot.com/2013/02/djia-and-nasdaq-100_12.html
I maintain my forecast of the market.

current phase: market swings, correction awaiting breakout either to the top or bottom.
Breaking up above 14000, market is going to hit 14120 pts.
Breaking below - target 13850-875 pts, 13630-650 pts.

Nasdaq 100

Nasdaq 100 short term forecast: rebound from current low 2760 pts, to resistance 2770 pts.
enter long near support 2760 and enter short near 2775

Cheers
Ayumi