Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Tuesday, the 6th of August.
Every Market Deserves To Rest Once In A While
The indices appear to be on the defensive today, however that's not say we have reached a top or that the trend has changed from positive to negative. Trend changes tend to take time and usually don't happen overnight. For myself, the "line in the sand" on the DOW (INDEX:DJI) is the 15,400 level. It is at that level where I would exit my long position and move to the sidelines and await the next signal. Moving to the sidelines does not change the bigger trend picture for the DOW. I still remain long-term bullish, providing that the monthly Trade Triangle remains in the green column.
Apple
As I reported yesterday, there was a major buy signal for Apple (NASDAQ:AAPL) and despite today's pullback, I am still positive on this market and see it moving much higher. The target levels I will be looking for are between 450 and 575.
Gold
The gold market has once again shown its true colors by resuming its downward slide. I would not be surprised to see further weakness in this market.
The Dollar
The Dollar continues to be on the defensive against the Euro, with the Euro moving over the 1.33 level. Look for major resistance to come in around 1.34. I will be watching this currency pair very closely to see how the market acts around the resistance level at 1.34.
Crude Oil
One of the concerns I have for crude oil is that it could possibly be making a Double Top. The Double Top high is around 108 level. I think we need to see it close over that level to see this market regroup and move higher.
Have a great trading day,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Recent Special Videos:
Candlestick Charts
Apple (NASDAQ:AAPL)
Netflix (NASDAQ:NFLX)
Google, Microsoft, and what the Dell?
Amazon (NASDAQ:AMZN)
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.
Considering Technical views for Dow, it is observed that any further Bull run continuation is quite difficult, because breaking of 15540 level is not a good sign, and now, if near supports are at 15390 and 15145, which should must be maintain for sustaining current bull run, and final supports are at 14660 and 14480 and bellow that crucial levels, there will be a serious negative bias, and also can be deemed as the end of Bull Run, unless finding further upward level gain as described above.