Markets Update

By September 16, 2012 Market Analysis No Comments

Last week markets moved up with brutal force and S&P took out some sheer resistance at 1455. Not only S&P took out 1455 resistance it hit my target of 1465 and closed exactly at 1465.77 (Please read my post dated Sunday, September 9th).

S&P now is in overbought condition and it should not come as a surprise to anyone if S&P pulls back 30 points (1435) from the close of Friday. However, there is a nice support at 1443. The target for S&P is 1525.00

Dow Jones closed at 13,593 and took out the resistance at 13,339. Dow Jones should head towards 13,750. In case it pulls back then there is a nice support right at 13,375 – 13,360 range.

NASDAQ 100 closed at 2855.23 The support for NASDAQ 100 is way below at 2785.

Gold target given was 1765 and it will face resistance at 1765. However, I had also mentioned that if Gold crosses 1770 then would move towards 1845 and eventually to 2000. Gold closed at 1773 and it looks like Gold will further accelerate upward quite fast towards 1845. Since 1845 is resistance therefore, Gold may stall out at 1835, take a breather and then move upward towards 2000.

Leave a Reply

Your email address will not be published.