Monday, June 1, 2009

Where are we going, $SPX, $NIKK, $DJIA

Looks like we are headed up still, with the exception of the S&P, sort of. The Dow and Nikkei are definitely headed up for now, but the S&P might not continue upward. Tomorrow should tell the tale for the S&P for sure as we did not close above resistance, but closed right at it today. What does that mean, well I don't make predictions, but I think it is more likely that it breaks resistance at some point in the near future than it is that we retrace again. There is now support on the S&P at about 920 with the gap up and the rising window so the downside is about 25 points. If it breaks resistance at the 945-950 level then we could see another 50 points to the up before significant resistance again.

As for the Dow and the Nikkei(opening in a couple hours from now) trend does remain up, with support being the lower bullish trend lines for both. The Dow has significant resistance at the 9000 level with downside likely limited to the 20 EMA area. The chart I'm attaching for the Nikkei shows downside likely limited to the 9400 area, but I don't have an expected upside at this point other than the psychological level of 10000 for resistance.

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