DOW30
Bias: Bullish
We look to Buy at 33491 with target prices of 34056 and 34310, and a stop price of 33290
Confidence: 40%
Technical Analysis
- Preferred trade is to buy on dips
- Previous resistance at 33500 now becomes support
- Although the anticipated move higher is corrective, it does offer ample risk/reward today
- Trading has been mixed and volatile
NASDAQ
Bias: Bearish
We look to Sell at 13820 with target prices of 13495 and 13300, and a stop price of 13927
Confidence: 60%
Technical Analysis
- We look to sell rallies
- Previous resistance located at 13800
- There is scope for mild upward pressure at the open but we look for selling interest to resist gains
- The bias is still for lower levels and we look for any gains to be limited
- This provides an excellent risk/reward opportunity to fade the current bullish move
US500
Bias: Bearish
We look to Sell at 4420 with target prices of 3950 and 3930, and a stop price of 4610
Confidence: 60%
Technical Analysis
- We are trading at overbought extremes
- This is negative for sentiment and the downtrend has potential to return
- Previous resistance located at 4422
- Preferred trade is to sell into rallies
Trading ideas at a glance.
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