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Advertise 2 ۩  Daily stock market forecast for day trading Investment Breakout Stock trading Penny Stocks Research 401k Portfolio
 
Market eye on Factory Orders, Consumer Credit
Patel (6/1/2009 12:44:22 AM)

This is a third month in a row market gain and close above 200 MA, Last whole month bull and bear fight near 200 MA and still new trend is undecided. Hopefully this week market gives us clear indication about new trend. As per daily chart, market due for correction and possibly that start with unemployment data.

MarketeyeonFactoryOrders,ConsumerCredit

Last week market close in major supply zone, still Stock market indices not able to clear major supply zone. There is lots of supply near 1783, to go more up NASDAQ need to breakout this resistance and close above 1783. At this stage I like to go short with 1810 stop loss. From last many days 34 days EMA offering strong support, so do not neglect that in case of short position.

Again rate of change – roc and relative price index, loosing its strength and indicating, us market loosing steam and expected down move that you can confirm using support 1664 breakdown. Breakdown of 1664 is an indication of down trend for short term investing.

This week you need to watch Motor Vehicle Sales, Factory Orders Chain Store Sales Jobless Claims, Employment Situation and Consumer Credit data. Employment Situation data is going to play important roll so for Stock trading or investing including penny Stock need to stay alert, it’s a best idea to keep stop loss.

Monday is dad line for General motor (GM), and it’s ready for chapter 11 protection. In this case GM can pull whole market down and possibly unemployment data work as gas spray on fire, which looks best play for day trade.

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. Day trader need to keep eye on strong Support and resistance


 

 

 

 

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