Stock Market Update (Technicals)
Posted on 06.16.09 11:16AM under Daily Market Analysis, Thoughts, Trading
Whoa…. haven’t been writing much on the stock market recently. Busy is the word when you have 2 kids below age of 2. Hectic is the word if both of them sleeps in the same room as you every night. Anyway just an update. I’ve noticed that the Dow Jones have been trading in a range for the month of May 2009. Typically between 8240 and 8600, i’ll reckon that these 2 levels gave pretty strong support and resistance. Looking back, after breaking the resistance at 8600 on 1st Jun it have tested the level quite a couple of times but well till date the level 8600 is holding strong. We ended yesterday just slightly above this crucial level, any break of this would signal that we might go back underwater into the 8240 and 8600 region.
As i can see the market currently is rather undecisive, Bulls losing steam? Or consolidating for the next big move? No one knows but from the facts of the chart. 8900 (9000 max as i told a few pple 3 weeks back) is our current resistance and 8600 our support. So look out for any breakouts.
Oh yah 1 more thing to take note…. Notice my Simple Moving Averages (MAs)? Currently 20 Day (Blue) is above 50 Day (Red) and have been trending for a while. The 200 Day MA (Puke Green Color) is nearby too. Will it form a 20 Day above 50 Day above 200 Day with the price sitting nicely way above the 200 Day (therefore signaling a healthy uptrend)? I hope too but i’m keeping my fingers crossed till that happens.
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