DJIA
DJIA started the week with a powerful green bar and break
the resistant of 50% Fibonacci retracement. However, the uptrend made a top on
Wednesday and started to retrace and close below the support on 24000 as well
as the 50% FB retracement support (23859). As we can see from the chart, the
monthly resistant of 24805 is very strong.
Based on historical data, the saying of Sell on May is kinda
valid. As a result, it would be good to side-line and monitor how low it can
go. It is also important to monitor if DJIA can sustain above the supporting of
23000 and 22524.
Supporting level: 1. 23380
2. 23000 3. 22524
Resistant level: 1. 23859 2.
24000 3. 24805
DJIA weekly chart shown that the resistant of 23859 is very
strong, where it had challenge the resistant again but failed to stay above it
for the 2nd time.
On the other hand, the weekly candle for this week has a
long upper tail which looks like a shooting star. It is a sign of toppish which
indicate strong selling pressure on top.
It is important for us to monitor whether the index will
break all the support and challenge previous low or it will form a higher low.
The monthly chart for DJIA shows that April had a big
rebound (+14%) and formed a bullish counter attack formation which is quite
bullish. Eventhough it’s a bullish formation, we can also notice that it had
hit the resistant of 24805 and started to retraced.
Even its quite bullish but the 1st trading day of
May had a 3% retracement which form a small red bar which is still an inside
bar for April’s bar.
Looking at the chart, we can see that the bar on March is a “Twin
fractal bar”. This bar is quite an important candle, as the top and bottom of
the candle will be the landmark that differentiate the bull and the bear.
This mean that if DJI able to break the resistant of 27121
and stay above it then the index is back to the bull stage and this 27121 will
be a very strong support. If the Index unable to sustain above 18200 and close
below it, that’s mean the index might head south further. 18200 will be a very
strong resistant.
S&P 500
S&P500 started the week with a gap up and break the
break the monthly resistant and challenge the cluster of 2944 and resistant on
61.8% Fibo retracement (2933) on Wednesday, however, it failed to stay above
these resistant and fall back on Thursday follow by a gap down on Friday. The
gap down red bar on Friday had cancel off the gap up bullish effect of Monday bar.
The index rebounded after it hit the supporting on 2820 and
close slightly higher, I believe the index will soon challenge this supporting
again. It is important to see if S&P 500 manage to stay above the
supporting on 2822 follow by 2792.
Supporting level: 1. 2820 2.
2792 3. 2750
Resistant level: 1. 2888 2.
2933 3. 2946
Looking at the weekly chart, it had formed a candle with
small candle body but long upper line which is a shooting star candle pattern
which indicate toppish. It is important to monitor whether will it break
through all the supporting to form a higher low or will break the low of 2192.
Looking at the monthly candle chart, the candle on April is
impressive. However the candle on March is much important as it is an important
benchmark to tell if we are out of the woods, or not. If it could break the
resistant on 3135, meaning we will be out of the woods while breaking 2192
means, it is going to be doom.
Nasdaq
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