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Market eyes on Housing data and GDP
Patel (5/26/2009 12:28:45 AM)

Last week bull and bear fight at 200 MA but bull fail to pull above previous week high finally bear wins and market close below 200 MA, rate of change – roc telling us market loosing steam and expected down move that you can confirm using support 1664 breakdown.

MarketeyesonHousingdataandGDP

This week you need to watch Consumer Confidence, Existing Home Sales Durable Goods Orders New Home Sales, Jobless Claims GDP and Consumer Sentiment data. Home sales data is going to play important roll.

NASDAQ Index hit 1767 and bounce back from there and closed at 1692 below 200MA, 1748 acting as a real strong resistance. Major indicator given a negative divergence with increasing volume that’s again negative for market at this stage it’s advisable to go short instead of long at resistance or below support for swing trading or day trading. For this week 1748 is an important resistance and 1680 / 1617 is a strong support. Below strong support you can go short or at strong resistance you can enter short.

Using this forecast you can plan your day trading, Stock trading or Stock investing strategy.

At this stage to protect your capital and gain, stop loss is very important


 

 

 

 

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