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Stock Picks, Analysis and Education
[ Dow Jones | S&P EMini | QQQQ | Forex | PHW Stock Selection ]
Date: 10/21/2013
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Market Commentary |
| Dow Jones Industrials (10/08/2013): |
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Second Correction Is Near. The Dow Jones has recovered nicely from the correction from the hight near 15,500 down to a 50% Fibonacci correction at 14,552. In all likelyhood the market will move upward from its current value of 15,135 to the previous high at 15,500. I do not expect it to breach that high just yet. It looks like a Head-and-Shoulders forming, which would lead to a correction back to the neckline. If the current budget arguments don't get resolved quickly then the correction could continue on downward.
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| S&P 500 EMini (10/08/2013): |
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| EMini is posed to move counter to the Dow. You can see from the above chart that the DMA has been breached to the upside, and the DMA is about to cross over to the upside. That generally means that the market will move up to the upper SunnyBand. That band lies at 1,553.85 right now. That is also a previous high from 9/19/13. Makes good sense that the market will go there next. Since the SunnyBands are currently horizontal I don't expect to see a breakout from that level just yet. |
