Both the Dow & SNP500 are similar patterns, therefore I have analyze both of them together.
Generally speaking, both indices are still on the mid to long term bull trend.
However, in the short term, there could be some selling pressure coming in. Especially on Friday, both indices got resisted by the 20-day SMA with significant volume. In addition, there was a last hour sell-off on the both the indices on Friday, which personally I believe it is not a bullish sign.
Going lower, the Dow will retest the previous low of around 14550 and SNP500 will retest the previous low of around 1560. We will have to look out whether the 100-day SMA will be able to hold both indices again. If both were to break their previous lows, watch out for the 38.2% Fibonacci retracement. Watch out for the 50% Fibonacci retracement region as well, but the probability of reaching there is not as high.
Hang Seng
Currently HSI is in a rebound phase from a very oversold region. Going forward, HSI is facing a series of resistance at around the 21000 level where a falling gap is seen along with the 38.2% Fibonacci retracement as well as the 20-day SMA. If the 21000 resistance level is broken, then next level to watch will be around 21500.
Nikkei 225
On Friday, Nikkei managed to break the 13500 resistance and also break out of the symmetrical triangle. Nikkei looks ready to go higher but the 50-day SMA and the 38.2% Fibonacci retracement level will resisting Nikkei from going higher.
All in all, Nikkei is still bullish in the mid to long term, but whether it can break the 16000 level to form a new high is still a question mark.
Side note: Nikkei chart look similar to Apple chart in the past.
Do note that all analysis are my personal views and opinions. If you would like to trade, please consult your authorized brokers and use all available analysis at your own discretion.
Good luck in the upcoming week in your trading. :)
Thank you Darren
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