DOW has set a new high for 2009 as it closed at 9093 last night, 5 pts above the previous high of 9088 set in early January this year.
DOW has broken through 8880 resistance earlier this week, and looks set to head for 9600s level.
DOW will now find some strong support at 8880.
S&P 500 has broken the neckline out of the inverted head and shoulders formation at 950.
Next resistance will be at around 1000, set in November last year.
Support will be at 950 level, the resistance-turned-support.
The Nasdaq has closed the gap between 1900 and 1950 (set in October 2008), and the next significant resistance will be at 2080 level.
The closing of the gap meant that 1900 will provide some strong support.
DISCLAIMER: The opinions expressed in this blog are purely my own analysis of the market, and should not be taken as a purchase or sell advice. I am not responsible for any profits or losses should you act on my views.
Saturday, July 25, 2009
US Market Outlook (Week ending 24th July 2009).
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