DOW30
Bias: Bearish
We look to Sell at 34400 with target prices of 33440 and 33135, and a stop price of 34720
Confidence: 60%
Technical Analysis
- We are trading at overbought extremes
- The current move higher is expected to continue
- With the Ichimoku cloud resistance above we expect gains to be limited
- We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower
NASDAQ
Bias: Bearish
We look to Sell at 14255 with target prices of 13660 and 12910, and a stop price of 14455
Confidence: 60%
Technical Analysis
- We are trading at overbought extremes
- Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible
- This is negative for sentiment and the downtrend has potential to return
- Preferred trade is to sell into rallies
US500
Bias: Bearish
We look to Sell at 4405 with target prices of 4265 and 4120, and a stop price of 4450
Confidence: 60%
Technical Analysis
- Buying pressure from 4262 resulted in prices rejecting the dip
- The current move higher is expected to continue
- The bias is still for lower levels and we look for any gains to be limited
- Preferred trade is to sell into rallies