SPX 500 Conquered Resistance

By September 1, 2014 Market Analysis No Comments

In my previous post I had mentioned markets are facing resistances. On Friday, August 29th, out of three resistances two have been conquered.

S&P had resistance at 2000 level which it conquered on Friday, August 29th by closing at 2003. The immediate target for S&P is 2022-2030 and support is at 1985.

NASDAQ100 crossed its resistance at 4070 and closed at 4082.56. The immediate target for NASDAQ100 is 4135 and support is at 4035

Dow Jones has yet to close above its July 16th price of 17138. On Friday, August 29th, it closed at 17098.45. It is important that not only Dow Jones closes above 17138 but also closes 50 points above 17138. The immediate target for Dow Jones is 17,261 and support is at 16958.

It is expected that markets will move up for 2-3 weeks. The markets could show the sign of weakness somewhere starting 3rd week of September or by September 21-23.

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