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

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Stock market staged an impressive rally last week with NO BAD NEWS. Is this the return of the Bull market? Base on the chart pattern, it looks like a Bear Market Rally as all 3 US indices Dow Jones Industrial, S&P500 and NASDAQ are forming a Bear Flag chart pattern. Both Dow Jones Industrial ($DIJ) and S&P500 ($SPX) are getting near the Flag Resistance and the 50D MA resistance, whereas NASDAQ has reached the Flag Resistance and the Triple Tops neckline. Watch out for the potential trend reversal pattern in the coming few days. Another scenario will be all 3 Indices break the Flag Resistance and 50D MA resistance. The Bull may return if this scenario happens.

 

 

Previous Analysis on Dow Jones Industrial, S&P500 and NASDAQ.

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STX OSV: Sell Down with High Volume!

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STX OSV has a massive sell down on last trading day. The stock is currently testing the uptrend channel support and the 61.8% FR support at about $1.216. This uptrend support is also the neckline of a skewed Head and Shoulders chart patten (can you see it?). Breaking this neckline support will send STX OSV to breakdown target price of about $1.00.

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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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