Tag:#NASDAQ
S&P, Dow Jones and NASDAQ
In my post dated Sunday March 18th, I had mentioned support for S&P to be 1530. S&P future (ES) on Monday morning (March 19th) hit 1529.50 and rebounded to the upside. Since then S&P has been moving up and down due to uncertainty of Cyprus. On Friday, S&P closed at 1557. It seems now that this week market will move up and take out recent high of 1563.64. My ultimate target for S&P is 1620-1625 and I have mentioned this figure in my earlier post. The near-term resistance for S&P is of course recent high of 1563.64 and then 1577. I believe market has the potential to reach 1620-1625 level in near term. After S&P hits 1620-1625, the market could decline. The long-term target, however, for S&P is 1710.
The support levels for S&P are 1545, 1530 and very strong support at 1500. Break of 1485 which is far from current level of 1557 should not occur. If it does then market would be in serious trouble.
Dow Jones should be hitting 15,000 in near future. It closed at 14,512 on Friday.
Two dates to watch for market clue are March 28th and April 8th-9th. Market has the potential to keep rising in zig-zag fashion all the way to the end of April. And if it does then first week of May will be crucial.
The support for Dow Jones is 14,363.00.
NASDAQ should be moving up in a meaningful way this coming week. The support for NASDAQ 100 is 2767.
I hope the above information about the market helps you in putting on the profitable trades this week and many more weeks to come.
S&P, Dow Jones, NASDAQ and AAPL
Due to the news coming out from Cyprus, as of this writing, Dow Jones futures is down 150 points, S&P futures down 23 points and NASDAQ 100 down 38 points.
Therefore, tomorrow markets will open down big.
Dow Jones support is at 14,250-14,215, S&P support at 1530 and NASDAQ 100 support at 2735.
There is a possibility that markets will form low sometime on Tuesday and then start recovering.
On Friday, March 15th, AAPL broke some serious resistance. Now it is facing resistance at $445 and after $445the resistance is at $475.00
If it breaks $475 then the target for AAPL will be $595.00. In case it fails and reverses to the downside then it can drop to $390 and to the extreme $250.
So on one hand AAPL could run to $595 and on the other hand if it fails it can drop to $390 and all the way to $250. Only time will tell.
S&P, Dow Jones and NASDAQ 100
The month of February is always difficult to trade and this February was not exception. If you made money in the month of February then pat your back. S&P closed at 1514 and that was expected for the month of February to close above 1500. Now market is not supposed to have any meaningful correction till end of March and it could be that we will not see correction till end of April. Based on the past history of the market, market make changes in trend in the month of March. March 21st is the Equinox and March 27th is the date to be watched as the resolution by which federal government is being funded expires. There are several topping cycles due at the end of March and they can play a role. If there is no correction at the end of March then market is expected to move upward towards 1575 by April and then correction could take place.
In my last week post I have mentioned 1465-1470 as support for S&P. This strong support is still valid. Since S&P closed at 1518 on Friday, the first support S&P has is 1500. In case it breaks then next is 1484 and then 1465-1470. 1465 should not be broken in any case.
It also looks like S&P and NASDAQ 100 are stuck in a tight range whereas Dow Jones is not. This week market is expected to trade down on Monday and form a low on Tuesday and then starting Wednesday rise till Friday. There is a meaningful move coming in the market and I expect this move to be on the upside and it could happen on Wednesday.
Markets Update
Last week S&P exactly hit 1531 (mentioned in previous post) and pulled back. On Thursday – February 21st S&P hit 1500 while NASDAQ 100 hit 2700 simultaneously. These two figures are support for respective indices. When two or more indices hit support at the same time then they are due to rebound to upside. That is what happened on Friday – Feb 22nd, Dow Jones gained 120 points, NASDAQ 100 26 points, S&P 13 points. S&P closed at 1515.60. Now there are two possible scenarios for S&P. S&P must cross 1524 by Tuesday and then take out the recent high of 1531, then the target would be 1547-1548. And if it closes above 1547-1548 and maintain this level after conquering it then S&P could reach as high as 1609-1625. However, If it fails right here at 1515.60 then the chances are that it will drop to 1465-1470 range and then starts its journey to the upside once again towards 1500 and beyond. It would be nice to see S&P closes above 1500 by end of February.
S&P Update
S&P closed at 1513 on Friday and very close now to 1525-1530 target. After this target is hit I expect pullback in the market. If pullback does not happen then of course it means we will see 1560-1565. What the market does on February 6th, 8th and 14th will give me clue as to market condition in near future.
If Nasdaq 100 crosses 2785 then it will head towards 2900. I am cautiously bullish and will watch market action on the above mentioned dates.
Markets Update
S&P closed at 1402, three points below the number (1405) mentioned in my last post.
Watching the futures market at this moment and it looks like Futures bottomed.
Dow Jones (YM) is trading at 12,819, made a low of 12,742.
S&P futures (ES) hit 1383 and trading at 1390. It is possible though that S&P future could hit 1375 and rebound upward.
If futures continue upward through out the night and market wants to continue upward then 1402 is the low for S&P cash.
However, S&P does have the potential to drop below 1390 which is 1386-1387 and then rebound towards 1433.
It is hard to do the technical analysis when market is waiting for the news from Washington on Fiscal Cliff.