DOW and SP500 have now taken new highs for 10 weeks. The daily up trends are strong and there are no signs of of momentum loss.
I will continue to concentrate on the DOW which is the market leader and the first index to give a sign of trend change. The last four days there has been two top hits intraday at 13.030.6 but so far no close above 13.000. The two tops could be seen as a double top right now and resistance points. If broken the very important resistance point from May 2008 at 13.052.5 on a weekly close will be crucial to get above. On the downside 12. 879 should give support. From a technical, historical and psychological point the coming week will be very interesting regarding the DOW.
SP500 daily picture looks the same as the DOW. However SP500 has so far got a high at 1.370.30 and the 2011 top at 1.376.30 is the first resistance.
I will continue to concentrate on the DOW which is the market leader and the first index to give a sign of trend change. The last four days there has been two top hits intraday at 13.030.6 but so far no close above 13.000. The two tops could be seen as a double top right now and resistance points. If broken the very important resistance point from May 2008 at 13.052.5 on a weekly close will be crucial to get above. On the downside 12. 879 should give support. From a technical, historical and psychological point the coming week will be very interesting regarding the DOW.
SP500 daily picture looks the same as the DOW. However SP500 has so far got a high at 1.370.30 and the 2011 top at 1.376.30 is the first resistance.
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