S&P 500
The S&P 500 as you can see went sideways initially during the day on Friday, and then broke out to the upside. The 24-hour exponential moving average is starting to offer a little bit of trouble, but I think that if we can break above the top of the range during the day, the market should then go looking towards the 2450 handle. A break above there should send this market to the 2500 level. I have no interest in shorting quite yet, but I do recognize that there is a lot of bearish pressure… Read More
Dow Jones 30
The Dow Jones 30 rallied on Friday, testing the 21,400 level. If we can break above that level, that would be a bullish sign. However, looks as if we are trying to turn things around and fall again. If we break down below the 21,300 level, I would be very concerned. Alternately, a breakout to the upside should send this market looking towards the 21,500 level… Read More
NASDAQ 100
The NASDAQ 100 went sideways during the session on Friday, but then reached towards the 5650 handle. The 5700 level above is massively resistive, and as a result I think that we may continue the breakdown that we have seen. If we break above 5700, then I would be bullish, but until then I think we are going to go much lower… Read More
This article was originally posted on FX Empire