DJI closed higher over the week where it bounce back above
the resistant of the thick blue line and manage to stay above it. This had
cancel off the bearish signal as well as cancel off the perfect setting for
short sellers. Looking at the daily chart, it seems like it has yet to choose
its direction.
Something important and need to monitor closely is that the
index has to stay above the thick blue line to remain bullishness. Falling
below it will cancel off the up trending pace, and might turn out to be a short
selling point. Another point to note is the gap up on 18/5, sealing the gap
will too cancel the gap up bullish effect.
Support: 1. 24242 2.
24059 3. 24000
Resistant: 1. 24598 2.
24805 3. 25192
DJI Weekly
For the weekly chart, the candle shows that it is now back
above the crucial thick blue supporting line and something worth noting is that
the candle had finally close at recent high. Its important to monitor if the
candle could stay above the thick blue supporting line in order to remain its
uptrend.
SP500
SP500 is showing resilient by closing at its highest since
the tumble in March. SP500 gap up and break the resistant of the thick blue
line and manage to trend higher and break the resistant of the 61.8% Fibo
retracement follow by the monthly line 2944 and close above all these 3
resistant.
It is important for SP500 to stay above all these support in
order to remain bullish.
Support: 1. 2944 2.
2935 3. 2912
Resistant: 1. 2978 2.
3000 3. 3100
SP500 Weekly
SP500 weekly chart looks good where it finally break the resistant of 61.8% and monthly resistant of 2944. However, the candle shows that there are strong selling pressure on top of the resistant level. Something important to monitor is that SP500 will have to stay above the thick blue line in order to remain bullishness.
Nasdaq
Nasdaq too doing well this week where it gap up and break
the resistant on 78.6% and manage to stay above it. Something quite fun to see
is that the index had challenge the red line resistant again and fail to break
it, this shows that the red line resistant is really a very strong resistant
with lots of selling pressure. It is also worth noting that Nasdaq is now just
500 points away from its peak.
Though we are near to the peak, something important to
monitor is that can the index stay above the 78.6 retracement level and the gap
up bullish signal. This is important indicator to show that Nasdaq is still
strong.
Support: 1. 9168 2.
9007 3. 8903
Resistant: 1. 9382 2. 9400 (red line) 3. 9576
Nasdaq Weekly
We can see that it’s a V shape for Nasdaq and it closed highest since March, this is a very strong chart. However, the steepness of the chart is impressive, but please don’t get carry away and always be cautious on any possible turn.
Disclaimer: The materials shown
above is just for education purposes. No buy or sell calls are intended. Please
consult your brokers for investment decisions. The author above will not be
responsible for any trading decision and action taken by the readers.