Tag:YM
Dow Jones Future (YM)
S&P today hit 1299 and bounced upward. Previously it hit low of 1296.5 so bargain hunters were watching the level and bought their stocks near the close of the market. However, I am also watching Dow Jones Future (YM) and YM is telling me that market has more legs down and the down move is coming. Dow Jones is expected to hit 11,869-11870 and S&P will eventually fall to 1268 and then 1250-1245. The support for S&P is still at 1297 and then 1282. Dow Jones closed at 12,393 and S&P at 1310.33
Dow Jones Future (YM) and S&P Update
As posted last night that S&P has support at 1295 and that it could bounced. It did today. However it could fail at 1320 level.
I am also watching Dow Jones future (YM) to give me the clue to the next move of the market. It is trading at 12,476. I expect it to head back down.
Dow Jones, S&P and NASDAQ 100
NASDAQ 100 closed at 2372 on Friday. The target (as per previous post) was 2370. The resistance above 2375 which will be taken out on Tuesday morning as NASDAQ 100 future is trading at 2390.25. The immediate resistance now is 2408.75 for future (the high of October 27th 2011) and 2412 for cash NASDAQ 100.
DOW Jones made a high of 12,514.69 on January 10th, 2012 and retreated. It seems this time it will cross above 12,500 (closed at 12,422 on Friday January 13th) and then the target is 12,545. If by January 31st, Dow Jones closes above 12,725 then it could go much higher and it would set itself for target of 14,000 which it could hit by first week of March 2012 (75 percent probability).
In the previous post I have mentioned the resistance of 1297 for ES (S&P future). As of this writing it is trading at 1296.25. Once it crosses 1297 then 1310 target will be activated.
It seems Dow Jones will hit 12,545, S&P 1310-1315 and NASDAQ 100 2430-35 simultaneously. When this happens I expect market to pullback for few days.
From the time point of view this can happen on January 18th, 2012 (Wednesday).
Dow Jones, S&P and NASDAQ 100
Dow Jones Future (YM) resistance – 11407 – 11410. Downside target 10,300-10,310. If YM conquers 11,560-11,565 then 11,860-11880 target.
S&P futures (ES) resistance at 1188-1190. Downside target 1125-1130
If S&P conquers 1220 then 1250 target.
NASDAQ 100 futures (NQ) resistance at 2188-2190. Downside target 2000. If NQ conquers 2250-2255 then 2340 target.
Gold tops out at 1710 recently and if it breaks 1665 then headed lower towards 1675 and then 1622 and it could drop to 1575. If it continues upward then strong resistance at 1855 level.