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NASDAQ Looks To Extend Gains With Little Ressitance Ahead
The Dow gains have been slowed by resistance at 10,586- 61.8% Fibo extension of 13,136-6,460. The technical level could prove formidable considering it is the golden ratio of a major decline. Downside risk are to 10,400 where we find trendline support, a break above exposes 10,750 followed by 11,000. The S&P 500 like the Dow has broke from its short-term wedge but is facing resistance at 1,144-61.8%... [Read more]
Fibo Resistance May Limit Dow’s Gains
Testing support from a steep channel, a drop below would suggest that an important top is in place at 10730. The next level of support is 9679, then 8878. The level that produced the January top has been significant in recent years (2004-2006), which increases the likelihood that a more important is in place. The Dow broke from its short-term triangle but found resistance at 10,586- 61.8% Fibo... [Read more]
Dow Triangle Signals Potential Breakout
Recent Dow price action has developed a potential triangle formation which could signal the potential for a breakout. The blue chip index appears to have breached the upper bound signaling a stronger move to the upside. However, this is a weak interpretation of the pattern which leaves us without significant conviction on the pending move. Nevertheless, a clear upward trend has emerged leaving potential... [Read more]
Dow’s Hammer Candle Warns Of Reversal
Testing support from a steep channel, a drop below would suggest that an important top is in place at 10730. The next level of support is 9679, then 8878. The level that produced the January top has been significant in recent years (2004-2006), which increases the likelihood that a more important is in place. The Dow briefly broke below 10,000 to a low of 9,835 before retracing and closing back... [Read more]
Dow Threatens 10,000 Exposing Downside Risks
Testing support from a steep channel, a drop below would suggest that an important top is in place at 10730. The next level of support is 9679, then 8878. The level that produced the January top has been significant in recent years (2004-2006), which increases the likelihood that a more important is in place. The Dow is threatening 10,000 and given the sharp bearish decline from yesterday there... [Read more]
U.S. Equities Threatening Support Levels
Testing support from a steep channel, a drop below would suggest that an important top is in place at 10730. The next level of support is 9679, then 8878. The level that produced the January top has been significant in recent years (2004-2006), which increases the likelihood that a more important is in place. After a period of support the Dow has seen its advance slowed by resistance at 10,333-50.0%... [Read more]
Is A Dow Top In Place?
Testing support from a steep channel, a drop below would suggest that an important top is in place at 10730. The next level of support is 9679, then 8878. The level that produced the January top has been significant in recent years (2004-2006), which increases the likelihood that a more important is in place. The S&P has already broken below its channel, which reinforces the topping theme. ... [Read more]
NASDAQ Threatens Trendline Support, Exposing Additional Losses
The pace of the Dow’s decline has slowed but it remains on track to test the significant psychological level of 10,000. A break below support would expose 9,679-11/2 low but that may follow a period of consolidation. The S&P 500 decline has started to pick up steam following a brief period of consolidation sending it below former congestion at 1,085. The below leaves support at 1,029-11/2 low. The... [Read more]
Dow Slide Looks To Continue As Support Remains In The Distance
The Dow has traded sideways / slightly up since the beginning of November. Trading higher from the sideways consolidation favors additional upside with the next level of resistance being 10828. Daily oscillator studies warn of a turn however (waning momentum since the summer). Coming below the support line would be the earliest signal that the trend has reversed but a drop under 9679 is needed... [Read more]
Dow Looking To Test 10,000 With Break of Trendline Support
The Dow has traded sideways / slightly up since the beginning of November. Trading higher from the sideways consolidation favors additional upside with the next level of resistance being 10828. Daily oscillator studies warn of a turn however (waning momentum since the summer). Coming below the support line would be the earliest signal that the trend has reversed but a drop under 9679 is needed... [Read more]
