The September NASDAQ 100 was higher overnight as it extends the rally off June's low. Stock-index futures rallied for the fourth time in five days, on mounting optimism that this week's meetings among euro-area leaders will lead to progress in resolving Europe's debt crisis. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, psychological resistance crossing at 2800.00 is the next upside target. Closes below the 20-day moving average crossing at 2689.33 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2789.75. Second resistance is psychological resistance crossing at 2800.00. First support is the 10-day moving average crossing at 2744.55. Second support is the 20-day moving average crossing at 2689.33.
The September S&P 500 index was higher overnight as it extends this summer's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, weekly resistance crossing at 1419.60 is the next upside target. Closes below the 20-day moving average crossing at 1390.25 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1419.20. Second resistance is weekly resistance crossing at 1419.60. First support is the 10-day moving average crossing at 1406.96. Second support is the 20-day moving average crossing at 1390.25.
To receive INO.com‘s Daily Market Analysis & Commentary click here
Yeah JP, good old "EW" the best performing percentage wise approach of technical analysis. Right! wahaha BTW "Martin" the metals don't need anything to collapse to resume the secular bull, sorry to tell you this but most equity markets have quite bullish looking chart configurations intermediate term as they climb the walls of worry. Yes the dollar looks like crap longer term, but you don't live several hundred years like some Biblical character to finally see the obvious conclusion. In the meantime you can hang on to your dogma, or make money. Just think, if you make money, that's more for you to build a deep underground shelter to live in like forever. By the way what is "possetion."
Hi Sparrows,I may be wrong like anybody with a prediction.Trade with paper as you whish.As far as I´m concerned if trading in paperˇI´d be ready for quick exit as fast as possible and avoid any debt.In 6-12 months the game will be different and I´d wish to discuss it again.Sorry for misspelling,English is not my mother tongue.Martin
Watch out for a tempting little top 10-14th september and then a rout 17-28th October.
It will be interesting to see if EWI will have to eat CROW for the third time sense 2010. Each pull back in the markets was supposed to be the top of Wave 2 and the beginning of Wave 3 down. I have to hand it to them though they did call a bottom of the bear in March of 2009. If the markets all close abover their May highs you will either see one hell of a short squeeze with the markets sling shot to the upside or sink like the Titanic. I can sit on my hands for confirmation thank you.
The time of the colapse of shares and practicaly of all paper assets is fast approaching.Unless you are an insider my advice woud be-get out as quicly as possible and go into possetion of basic life neccessities plus gold and silver.Good luck my friends.Martin