Posted by: joetradingplace | April 30, 2012

Daily Analysis (Indices) 30-04

Dow

We still hold a long position from last week. Price has now reached a brick wall (major R), we expect price to struggle to break through this major R, so we are expecting a pullback and bulls gathering some momemntum to break this resistance, if buyers keep froming minor S near this major R and price keeps pressing on resistance, that gives us more confidence that the R will be broken.

S&P

We still have a long position from last week, our second target is near the high made on 02/04, price looks very steep to sustain that up move, so we expect a slight pullback and bulls gathering some momentum for a push higher.

 

Dax

Price has reached a major R, we expect the price to struggle a bit to get through the R, the move up also looks very steep, so a pullback to form a more sustainable up trend is imminent

Ftse

Price broke out of the major R, but has failed to stay above the R, so that’s a failed breakout, so we expect price to move down towards the blue TL, if sellers keep forming minor R moving down, we expect price to press on the Tl and breaking to the downside.

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