DJ has been trending up since Mar 10. It has finally hit the 200d MA last week and corrected down. It hit the lower channel of up trend last friday. It is important to watch the key support level at approx. 12,687, breaking that level will also break the lower trendline and therefore the market can dive further. Otherwise, there is a possibility of reversing the uptrend again.
So, watch out for the market action at support level of 12,687
Similar to DJ, S&P500 has been trending up since mid Mar. It went close to 200d MA last week and corrected down. It was supported at the 20d MA level at approx. 1385. It is important to watch the key support level at 1385, breaking that level can potentially dive the market down further. Otherwise, there is a possibility of resuming the uptrend again.
So, watch out for the market action at support level of 1385
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.
