S&P 500
The S&P 500 went back and forth during the week, testing the 2400 level underneath. That’s an area that was previously resistive, and the area below should be supportive. The fact that we bounced from this level suggests that there is a hammer. A break above the top of the hammer, the 2450 handle, the market should then go towards the 2500 level. The market is in an uptrend, and even though we have seen a significant amount of volatility, it looks as if the buyers are still in control… Read More
Dow Jones 30
The Dow Jones 30 initially fell during the week but turned around to form a massive hammer. If we can break above the top of the hammer, we will then challenge the previous shooting star. A break above that shooting star should send this market much higher. Alternately, if we break down below the hammer, the market will then go look to the 21,000 level for support. Either way, I think we’re going to see a lot of volatility… Read More
NASDAQ 100
The NASDAQ 100 broke down below the bottom of a significant uptrend line, and that of course is a negative sign. If we are starting to change the trend, it is going to be very choppy and therefore very dangerous. If we do breakdown below the bottom of the weekly candle, I think that the next target is the 5500 level. Alternately, if we can break back above the 5700 level, the buyers could come in and push this market to the 5775 level… Read More
This article was originally posted on FX Empire