October clearance sales not yet over

Dow Jones Industrial Average ran into resistance at 17000 signaling that the October clearance sales may not yet be over. 21-Day Twiggs Money Flow oscillating around zero suggests hesitancy despite the good job numbers. The primary trend is bullish, but reversal below 16700 would warn of a secondary correction.

Dow Jones Industrial Average

* Target calculation: 16500 + ( 16500 – 15500 ) = 17500

The Nasdaq 100 found support at 3950/4000 on the weekly chart. Recovery above 4100 would indicate a further advance, while follow-through below 3950 would warn of a correction to the primary trendline at 3750/3850. Mild divergence on 13-week Twiggs Money Flow suggests further selling pressure.

Nasdaq 100

* Target calculation: 4000 + ( 4000 – 3750 ) = 4250