Market Clinging to Straws

On April 4th, Dow Jones made a high of 16,331 and S&P made a high of 1897. It has been more than a month now for these two indices to cross these highs. It is thus safe to assume that market has topped out on April 4th and since then crawling upward with no strength and could roll down any time.

Today Dow Jones closed at 16,530 and S&P at 1884.66.

NASDAQ 100 is clinging to straws and facing tremendous resistance at 3615-3630 level. It closed today at 3596.

Sudden reversal in market could happen any day specially either on May 9th or May 12th.

Noshee – Your Trading Buddy (May 5th, 2014)