Dow Jones 30 index ripe for a consolidation.

The Dow Jones 30 index is ripe for a consolidation after a strong move over the past few weeks. Its broken key long term resistance, and I expect these levels to be tested for support going into the year end. Trend is up for now on a cloud chart basis, with the top end of the cloud as a key support zone!

Levels to watch for support are: 23% Fib retracement :18858, and then 38% Fib level 18673, which is part of old resistance levels, that is the new support zone! Expect a brief consolidation of recent moves, and then continuation of the rally.

Happy trading.

Regards

Richard Muller

https://twitter.com/MullerRichard

S&P 500 Resistance breakout, at last!

S&P 500 breaking into new high ground!

What a rally we have had over the last few weeks after the S&P rebounded from cloud support, and broke past cloud resistance with gusto. S&P 500 broke past old significant resistance high. Could argue that the index now broken out of a multi month consolidation base.

Critical now for the inex to test this resistance as a new support zone going into the year end rally. Watching the 2193 level as a new support sone. S&P 500 index needs to follow through now with this level as new support zone. Downside risk remains if support fails at these levels!

I am watching closely to see if the 2193/2175 will be a consolidation support range going into the year end!

Happy trading, Regards Richard Muller.

Nasdaq Comp Index Weekly Review: 14th November 2016

Nasdaq Comp Index Weekly Review: 14th November 2016

Nasdaq Comp Index Weekly Review: 14th November 2016

After a strong rebound from old support levels, the index is now back testing the cloud for support. We need to see the Nasdaq Composite regain support at the top end of the cloud, and for the front end of the cloud to show that we heading for a strong year end rally.
Regaining the top end of the cloud could be the next key level of support going into the year end rally.

S&P 500 Cloud chart weekly review.

S&P 500 Market review 14th November 2016.

The market rebounded from a key cloud chart support zone at the bottom end of the cloud! It was a  very volatile session, but the S&P 500 had a strong rebound from cloud support zone at 2093.

A strong rally then resulted in a breakout past cloud chart resistance at the upped end of the cloud. Top end of the cloud is now the new support zone.

The next key resistance levels to watch are 2175/2193, but so far it looks like the market will break past these levels towards the end of the year (year end rally)

S&P 500 SPYDERS ETF and ETF sector review 2016 11 04