I was looking at Dow Jones doing some consolidation last week and I have also warned of possible weakness in the US stock market. S&P500 is also showing some weakness in the weekly chart now.
Let’s watch the video now!
I mentioned that Dow Jones is now in a consolidation phase. I also came across a video that is looking at the S&P 500 market. I have not reviewed and posted anything on S&P500 so far. Therefore, I think this S&P 500 video will be very helpful to give you some insight about the S&P500 market.
It is now time to take another look at the SP 500.The SP 500 index is caught between two trend lines that are the dominant technical indicators right now for this market. If either gives way, it will point the direction of the next major swing.
Similar to the Dow Jones index, S&P500 and Nasdaq is also following the big brother swinging up and down in a sideway market.
You can use a sideway strategy to short at resistance and long at support. This is a useful trading strategy you can adopt during thistough period of time to make some pocket money.
Find out the support and resistance now!
We saw last week that Dow Jones Industrial Average fell to new low and I was predicting that DJ will touch the 2002 low at 7,100. However, it did not touch exactly on 2002 low but it rebounded with a weekly gain to cheer for the Thanksgiving.
S&P and Nasdaq also have similar stock market trends. Where to you think the US stock market will head to next?
Let’s take a closer look at Dow Jones, S&P500 and Nasdaq now!
Few days ago, I was still looking at the US market swing in the sideway market. However, US market took quite a big dive on Thursday while Dow Jones lost 400+ points. S&P500 also dived down to the S&P500 2002 low of 768 level.
Let’s take a look at the S&P500 stock index chart now!
After looking at the stock market trends of US market, I believe that the market has entered into a sideway market. Sideway market means the market will rebound from support and retrace from resistance. It is a great opportunity for stock market trading.
Let’s take a look at the US Stock market trends now!
After looking at Dow Jones Industrial Average weekly stock market trends, I am now also looking at the S&P500 and Nasdaq stock indices as well. These two major US indices are also hitting resistance and they will either go to a sideway market or down trending market as the US Dow Jones stock market trends.
