Market Commentary:
The market, DJ-30 closed down 25 points Friday at 11,508
Financial Indexes, SP-500, , QQQQ, , COMPQX, NYSE,
IWM, DJ-20 DJ-65, DJ-15 SMH, SOX down.
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M.A.P. (Moving Average Price Pattern)
Overall Outlook. DJ-30 as reference.
ALL THREE TIME PERIODS = BULL
Long term, – Bull, DJ-30, (weekly above 50sma and above
200sma)
Medium Term: BULL ,( Above the 50 daily, And above 200 sma daily,
11,171 IS DAILY CUT OFF )
Short Term: BEAR (hourly BELOW 50sma and 200 sma).
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EUROPE, London, Ireland, EARLY FALL SEMINARS, EMAIL TO GET ON
LIST.
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FRIDAY’S MARKET CALL: We got a correction of over -100 points intra-
day and a bounce in the last hour from 2 day sell flats. Again we
did not find any selling for the daily charts, just a case of over
bought for some internals.
The DJ is below the hourly 50 so we would expect an automatic rally
back to test it this morning,
11,551. At the 50 sma we will se if there is strength for a rally
back to yesterday’s highs.
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TODAY’S MARKET CALL: The Friday sell-off went thru Thursday lows and
found support at the 30 min 200 SMA..
Our bounce Friday failed to reach the 30 min. or hourly 50 sma a
target today for resistance on any up move.
DJ resistance is 11,545, 11,550
DJ downside targets for support come in at 11.455, 11,353. and
11,262.
QQQQ Upside resistance 40.10 and 40.20 with down side support
targets at 39.57, 39.35 and 38.46.
SP-500 Upside targets start at 1319.22 , 1320.24 with downside
targets at 1311.47, 1309.55.
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Big Picture:
The DJ-30 daily is now above the 50 sma, and above the 200 sma.
We have TAKEN OUT the August highs and made new September high
without making new highs for the year yet.
We are now faced with a double top from the earlier highs of the
year.
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METALS MARKETS:
GOLD, Suggesting a down day today, Low Target low $582.00, $577.80
SILVER, Bounce day for silver yesterday and more today, Low Target
$10.32
US DOLLAR, 85.48 upside target today Any bounce tests the 50 from
below.
GOVERNMENT REPORTS
Earnings
Company Name Symbol EPS Estimate Call
WALGREEN CO WAG
0.41
N/A
WOLSELEY PLC WOS
N/A
N/A
JLG INDUSTRIES JLG
0.42
Call
more…
Economic
Statistic For/Time Actual Prior
Existing Home Sales
Aug/10:00 AM – 6.33M
more…
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