It was like a roller coaster ride this week on US markets, bouncing up and down. It might appear to be the end of bear market and bull is bring the market up. However, the other some news hit and it come back down again.
The up and down was responding to some news release this week. There was one day positive news and another bad news, that explains the up and down roller coaster ride 
Let’s look ahead on the upcoming stock market trends on Dow Jones, S&P500 and Nasdaq!
All three major US stock indices are facing some stubborn resistance this week.
Dow Jones Hit Resistance at 11,700
I thought last week Dow Jones failed the ascending triangle formation and it would have been bearish last few day week. However, due to support of some good news about the US housing sales data, the market was well supported and I think it is going into another consolidation of sideway swing.
The immediate resistace is definitely 11,700 which you can see a high close to this area on Thursday and then, Friday open at this level and dive down.
Both ADX and MacD do not tell me much data now. But it will be interesting to watch RSI. If RSI breaks the 40% level, it can be start of a bearish trend again.
Overall, it looks to be a sideway market now. You can buy at support and sell at resistance, or short at resistance and cover at support.
Dow Jones Hit Resistance at 11,700
S&P500 Hit Resistance at 1,300
S&P 500 is following the Dow Jones trends very closely. It is also hitting a ceiling now at 1,300 level. The overall analysis I am seeing is almost the same as Dow Jones.
S&P 500 hit Resistance at 1,300
Nasdaq Hit 200d MA Resistance at 2,416
Nasdaq is slightly different from Dow Jones and S&P 500. Nasdaq has been running on a short term up trend. It finally hit the 200d MA and corrected downwards. After which, it was running on a sideway swing very near and just right below the 200d MA.
Diminishing volume is a concern on Nasdaq. The sideway price action appears to bound up and down between the 200d MA and 50d MA. So, breaking down of the 50d MA support will be a signal of down trend to re-test the support at 2,200 level.
Nasdaq is Hitting 200d MA Resistance
I prefer S&P 500
Among the 3 indices, I would prefer to trade S&P500 by shorting at the resistance with a target to cover near the support.
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
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