Dow Jones daily,wkly and S&P broke its support.. 6-8-2011

I have no updates with regards to the PSE Market, it is the most boring days in months time... Can't help but just "wait" for PSE to go down. But it looks we were just joking around, getting +30 points today, then tomorrow -30 points, then +20 points, -20 points on the very next day.

For the meantime, There is a sad news for Medium term traders, Our Global economy aka U.S. Equities broke its important support.

Daily:

Weekly:


INDU or Dow Jones broke its 12150 support... Even if RSI looks very cheap, the very short term rally could just be a corrective wave, before another downtrend cycle begins.

I have drawn in ORANGE color the possible forecast and movement of the Dow Jones Market. A short lived rally to the 12350-12400 level could be a selling point for short term traders. As for the meantime, a selling pressure towards to the 11500-11600 Medium term Support is at hand.

For now, HOLD and SELL on Rally for short term traders. Or buy at 12000 level and make sure to sell at 12200-12400 level.

For Medium term Traders, accumulate and wait for 11500-11600 to get all in.




For S&P. Same with Dow Jones, it made an awful breakdown on its short term uptrend. It broke down the major 1300 level support, which is now overdue for a short rally.

I also drawn ORANGE lines for the possible reaction of the market, first a short rally due to oversold RSI, then a possible retest of the 1275 level, then if still dont hold, it can meet the major Medium term support of 1250.

Same as Dow Jones. But at 1280 level, and make sure to sell on the short lived rally.

HOLD and wait for more stronger support before getting back to the market.