US Market Indices Review: Dow Jones Industrial, S&P500, NASDAQ

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Dow Jones Industrial ($DJI)

  • Chart Pattern: Head and Shoulders (Bearish)
  • Resistances: 11,900 (50D MA); 12,000 (200D MA)
  • Supports: 11,482 (78.6% Fibonacci Retracement Level); 11,230 (20D MA)
  • Trend: Start of Down Trend.

 

S&P500 ($SPX)

  • Chart Pattern: Head and Shoulders (Bearish)
  • Resistances: 1,221 (78.6% Fibonacci Retracement Level); 1,254(50D MA); 1,275 (Neckline and 200D MA)
  • Supports: 1,172 (20D MA); 1,122; 1105 (61.8% Fibonacci Retracement Level)
  • Trend: Start of Down Trend.

NASDAQ Composite ($COMP)

  • Chart Pattern: Triple Tops (Bearish)
  • Resistances: 2,606 (Neckline); 2,655 (50D MA); 2,700 (200D MA)
  • Supports: 2,526 (78.6% Fibonacci Retracement Level); 2,470 (20D MA); 2,256 (61.8% Fibonacci Retracement Level)
  • Trend: Start of Down Trend

 

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Stock Market Price Earning (PE) Ratio

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We use PE ratio (Price per Earning) to gauge whether the market is over value or under value. This information is helpful because it gives us an idea whether we should go long or go short with the market.

As a rule of thumb:

  •  PE = 15 is considered at fair value.
  • PE < 15 is considered under value.
  • PE > 15 is considered over value.

Summary of Major Stock Market Indices PE Ratio.

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Key US Market Indices Review: Reversal At Sight!

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All three key US Market Indices (Dow Jones, S&P500, NASDAQ) are hitting the uptrend channel resistance.  Immediate support is the 20D MA. If these three Moving Average supports are broken, these market indices will be sent to the uptrend support. This month is the month of October when most crashes happen in this month historically. Earning season is starting soon when the companys report last quater earning. I expect lots of earning downgrade because I am seeing slowing down in economy for the next two quarters.

Dow Jones Industrial

S&P500 (SPY)

NASDAQ

Sept has been a bullish month, What goes up must come down…. I may be wrong but I will not lose money if I am taking a safety first , wait and see approach without committing any additional money in the market.

Trade with extreme cautious!

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