Dow Jones Industrial Average tall shadow (or wick) on the latest candlestick [R] indicates rising selling pressure. With excitement about a European bailout deal fading, expect a test of support at 10600. Failure would indicate another down-swing, with a target of 10000*.
* Target calculation: 11000 – ( 12000 – 11000 ) = 10000
S&P 500 Index shows continued consolidation between 1120 and 1220 on the weekly chart. 13-Week Twiggs Money Flow below zero indicates selling pressure. Failure of support at 1120 would test the 2010 low at 1020*/1000.
* Target calculation: 1120 – ( 1220 – 1120 ) = 1020
NASDAQ 100 Index shows an evening star reversal warning, completed if price reverses below 2200. 63-Day Twiggs Momentum holding below zero reminds that we are in a primary down-trend. Breach of the lower trend channel would warn of another down-swing, with a target of 1750*.
* Target calculation: 2050 – ( 2350 – 2050 ) = 1750
Agree! as per economic outlook in USA, the DOW shoule be sitting even lower as between 8700-9700. The market actually seeking the new lower range level. I would say 10,500 be a strong toppish reistance in future. The 11,000-12,000 upside level has become a historical data. It’s unlikely see it in the forthcoming years!
Great format today. More charts and the individual headlines at the end are terrific scan. Thanks!
VERY GOOD INFORMATION confirms my conclusions, thanks for the update
David