Dow & Footsie Rally Lightens Mood
Commodities
The CRB Commodities Index, shaken by the prospect of falling demand from China, is undergoing a secondary correction. Respect of the declining trendline would indicate a further down-swing, signaling weakness for resources stocks — confirmed if short-term support at 253 is broken. Breakout above the trendline, however, would suggest that the correction is over; short duration indicating a strong primary up-trend.
USA
Dow Jones Industrial Average
The Dow completed a bear trap after a marginal break through support (9200) reversed above resistance at 9400. Short duration of the correction indicates a strong up-trend. Expect a test of the upper trend channel, with a target of 10000*. Reversal below 9400 is unlikely, but would indicate a bullish broadening (or megaphone) wedge formation. The primary advance is confirmed by the S&P500 and Dow Transport Index.
* Target calculation: 9000 + ( 9000 - 8000 ) = 10000
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1 comment:
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