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Markets Chartist Technical Analysis
7
0
S&P 500 & Mini dow Jones
Fri, Nov 20 2009, 10:21 GMT
by Carol Harmer
S&P Dec Contract
S&P finally broke lower yesterday but held onto 1086 and has traded back in a correctionary fashion overnight. There is good short term resistance at 1095 and would view to sell into this strength looking for a resumption of the downward move. Keep stops above 1096 initially.
Intra day support located at 1090/88. You may see buyers enter the market at this time. However if the market fails to hold over 1086 look for this to come lower to good support located at 1082/80. Now this support represents the first 25% longer term fib level. Sellers will be looking to cover to here. Buyers will enter and they will hold position unless a break is posted through 1080. A loss of 1080 sees this come lower for 1077/75.
Now if a break is posted above 1096 it would ease the immediate downside threat and drive this higher for 1100/1101. At these higher levels buyers will take profits and sellers will enter...Sellers will abort however over 1104.40 as a break above here will see the market come to the recent highs of 1112.
Mini Dow Jones Dec Contract
Poised to puke is the saying that springs to mind in this market. Daily and hourly charts are in severe overbought territory and they are both beginning to turn to show a move lower. Good intra day resistance located at 10338. If this level fails to hold then a move lower is on the cards and 10095 is going to be your first target.
Here initially sellers will cover shorts. Buyers may attempt to stem the flow of selling, and they may well succeed at first attempt. However the force of the overhead resistance and these daily bearish indicators should be enough to swipe away the buyers and drive this lower still. A loss of 10070 would confirm and 9918 would be the short term objective.
Back above 10338 does not mean all is lost on the downside.. It does suggest however that this will rise a little towards 10412/27 and this would give good opportunity to re-instate shorts. Only reverse shorts if above 10460.
Published on Fri, Nov 20 2009, 10:21 GMT
Archive
- S&P 500 & Mini dow Jones
Published On Fri, Nov 20 2009, 10:21 GMT - FTSE
Published On Fri, Nov 20 2009, 07:45 GMT - FTSE
Published On Thu, Nov 19 2009, 07:57 GMT - Gold
Published On Wed, Nov 18 2009, 07:47 GMT - FTSE
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