Tuesday, September 3, 2013

DJIA and Nasdaq 100

For the week starting 2-Sep-2013

US Dollar was firm against most of its major counterparts on Friday - so does today.

On the US economic data front, both personal income and personal spending rose 0.1% MoM (+0.2% and +0.3% expected respectively) in July.
Chicago Purchasing Manager index increased to 53.0 as expected in August from 52.3 the previous month. Thomson Reuters/University of Michigan final index of consumer sentiment fell to 82.1 (80.5 expected) from 85.1 the prior month.

It was a bearish week for Dow since August 2013 and DJIA suffered 4 weeks of losses.
The Dow is approaching its 200 days EMA and we suspect the downfall is going to halt for a while .. and we are waiting for the congress meeting / decision over Syrian Civil war.

DJIA shall trade between 14730 - 15030 this week, breaking either side shall set the next trend.
I forecast DJIA to be bearish during early of the week and test support on Wednesday.
I am slight bullish and intend to hunt long around 14750 pts.

If support 14750 does not hold, expect strong support around 14,550 pts.

Nasdaq 100
I would say nothing much on Nasdaq 100, but a good opportunity to trade using fibo level.
Expect Nasdaq 100 to swing bias up.

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