The Start of Bear Market?

DOW Jones Industrial, S&P500 and NASDAQ Composite have all broken the 200D MA support. All three indices show similar chart pattern and currently traded at about 23.6% Fibonacci Retracement Level. There will be probably a short term bullish rebound from this support level before continuing the bearish down trend. Also take note that all three indices were unable to break the 50D MA resistance and turned down.

DOW JONES INDUSTRIAL

• Resistance: 20D MA and 200D MA
• Support: 10,109 (23.6% Fibonacci Retracement Level) and 10,000 (psychological support)
• Target Correction Level: 9,428 (38.2% Fibonacci Retracement Level)

SNP 500

• Resistance: 20D MA and 200D MA
• Support: 1,094 (23.6% Fibonacci Retracement Level)
• Target Correction Level: 1,014 (38.2% Fibonacci Retracement Level)

NASDAQ COMPOSITE

• Resistance: 2,322 (previous resistance in Dec 2009) and 20D MA
• Support: 2,230 (23.6% Fibonacci Retracement Level) and 200D MA
• Target Correction Level: 2,046 (38.2% Fibonacci Retracement Level)

 

STI - 200D MA Support Broken!

STI has broken the 200D MA support and is heading to test 2660 (23.6% Fibonacci Retracement Level). If this support fails to hold, a bigger correction will happen and STI may go all the way to 2430. The current chart looks bearish but STI may rebound from 2660 support in near term but will face the resistance (200D MA) at about 2770.

IndoAgri - Forming a Double Tops

IndoAgri is forming a double tops since breaking down from the up trend support. Neckline is at about $1.95. Breaking down the neckline with heavy selling volume will confirm the double tops formation with price target of $1.35.