Review of Key Indices Patterns

DOW JONES INDUSTRIAL

  • DJI is at the top of channel resistance. If the index cannot break this channel resistance (about 10,500), it may retrace back to 10,100 level (close to channel support) in the coming one to two weeks.

S&P500 (SPY)

  • S&P500 has a similar uptrend channel pattern as DJI. If the index cannot break this channel resistance (about 112), it may retrace back to 107 (close to channel support) level in the coming one to two weeks.
NASDAQ COMPOSITE
  • NASDAQ is hitting a critical resistance at 2191 level. It is important to see whether NASDAQ can break this resistance and continue its uptrend. 
Straits Time Index (STI)
  • STI broke the previous resistance of 2,734 and continue its uptrend in a channel. 2,800 is a key resistance level and STI may retrace back to 2,670 (channel support) if STI is unable to stay above this resistance level.

Intel (INTC) – Breaking out from Symmetrical Triangle and Bullish!

Intel (INTC) is breaking out from a Symmetrical Triangle with increase in trading volume. This breakout is a bullish signal and also confirmed by the Technical Indicators. Price target is around $22.50.

Technical Indicators

  • Stock price above 20D, 50D and 200D MA.
  • MACD crossover and move into bullish convergence region.
  • RSI is going up.
  • Stochastic is going up.
  • Stock price is above Parabolic SAR line.
  • Stock price is at above Bollinger Band.

GS – Bullish Abandoned Baby Pattern Failure?

GS formed a Bullish Abandoned Baby (another name is Morning Doji Star) pattern a few days ago but the trend did not reverse to up trend. The trend will normally continue if there is a pattern failure, and the H&S formation remains valid for the time being.  I am watching closely whether GS will break the neckline and the support of $158.4. If these two supports are broken, GS will start a deep correction to about $138 level.