DJIA
DJIA retraced and close lower for the week. DJI break the
critical support of the thick blue line which is not a good sign. DJI had once
again challenge the support on 23380 where it break it and regain its stand
after a day.
However, looking at the chart pattern BCF think
that DJI doesn’t look good. This is because it had drop below the thick blue
supporting line. It is important for DJI to stand back above the thick blue
supporting line, failing to stand back on it will indicate a “significant”
downtrend is coming.
The DJI manage to go up and stand back on the thick blue line then everything will still be alright.
Scenario B
DJI manage to go up but failed to stand back on the thick blue line and started to retrace. Breaking the support on 23000 which is also the low on 14th May will not be good.
Scenario C
This will be the trickiest scenario, where DJI manage to get back above the thick blue supporting line, but break down after that. This indicate the break up is a fake signal and dropping below the tbs line will be very bad. This might see a strong downtrend which looks like a downpour.
BCF personally hope for scenario A, however, please be aware and cautious of scenario B & C and get ready your trading plan if that’s happen. Personally, scenario B & C could be an ideal setup for short seller.
Supporting: 1. 23380 2. 230000 3. 22800
Resistant: 1. 23856 2.
24000 3. 24380
DJIA Weekly
Apparently the bullish engulfing pattern last week had
failed. The big red candle this week doesn’t looks good as it break the
critical thick blue line support. However, the good point is that it still
manage to close back above the supporting of 200 weekly moving average.
SP500
SP500 had also follow the trading pattern of DJI where it
break down the critical thick blue line supporting and the monthly neckline. The
good point is, it manage to stand back up on the thick blue supporting line on Friday.
SP500 had rose back to the tbs line, however, we need to
monitor very closely whether it can support on top of the thick blue supporting
line which will be the scenario A.
Scenario B
If fail to stand back up like red arrow 1, and break the
support then it could mean a “significant” downtrend.
Scenario C
SP500 stand back up and break down like blue arrow 2 follow
by red arrow 2, this will be the trickiest and it would be very bad once it break
down the critical supports.
However, to short sellers, this could be the perfect setup
that they want.
Resistant: 1. 2900 2.
2945 3.
3000
Supporting: 1. 2861 2.
2821 3.
2800
SP500 Weekly
The weekly chart for SP500 show something interesting. U can
clearly see that the index touches the resistant on 61.8% of Fibo retracement
and started to come down, this clearly indicate 2945 is a strong resistant
point.
It is interesting to see that SP500 weekly chart had also
rebounded from its intra week low and stay above the thick blue uptrend supporting
line, this do also indicate it’s a strong supporting level which shall not be
broken.
Nasdaq
The strongest index where it still manage to stay above the
rising channel. It is interesting to see that the index had retrace and
rebounded just after it almost touch the thick blue supporting line. This
indicate that the index is well supported and the thick blue supporting line is
an important supporting level.
Nasdaq will still be in good shape as long as it don’t drop
below the thick blue uptrend supporting line.
Resistant: 1. 9065 2.
9167 3.
9227
Support: 1. 9000 2. 8900 3. 8800
Nasdaq Weekly
Nasdaq weekly had shown a big doji which is a candle pattern
that indicate the index has yet to choose its direction.
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.
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