DJIA and Nasdaq 100

for the week starting 25 Feb 2013

Ops! Its 10:40pm (GMT+8) here and market has opened almost an hour ago.
Market has gained 37 pts, last done 14,037.63 pts (+37.06%).

Sequester
governors from around the country were gathering in washington last weekend for the national governors association winter meeting. The delayed sequester is scheduled to hit in March.

Related video:
http://live.wsj.com/video/seib--wessel-sequester-cuts-likely-to-kick-in/1F74EB22-52AA-4CC0-B5F6-07880521436F.html

Well I do think that US will once again propose to raise debt ceiling, introduces some other means to ease economy.

DJIA

Weekly Chart:
last week market found support near 13850 pts (low 13836 pts) and closes above 14000.
With this market pattern, we suspect market to be volatile this week trying to hit higher high.

Daily Chart:
Last Friday was a positive day, market gained 119.95 pts to 14000.57 pts from previous close 13880.62.

market is trading near overbought area and 14000 has become a temporary support should market continue to try higher.

14120 pts.

Well I do hope a healthy correction to EMA50 (4H) support near 13,970 pts - before market hitting higher high.

I would prefer to intiate Long at 13,970 pts area.

Immediate target 14,120 pts, Target 14,200, 14,450 pts over March 2013.


Nasdaq 100

Nasdaq 100 is volatile.  Big up, Big down.  Exciting.

Forecast market to test support before turning up to try higher high towards 2815 pts

Support 1: 2750
Support 2: 2710
Support 3: 2680

Target 1: 2780
Target 2: 2815

Cheers
Ayumi