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Week Ahead Stock market forecast
Patel (7/27/2009 2:53:24 AM)

Last week was another strong week for Nasdaq hit resistance 1980 and bounce back from there, yes Stock market looks over bought but still we not get any sell signal. Day trader needs


to keep eye on moving averages, Because at present moving averages are working best as a support and resistance.

This week Durable Goods Orders and GDP are going to play important roll. Short term chart telling short term trend turn negative so I like to go short at resistance instead of long. For this week our important resistance are 1975 and above that 2052 and supports are 1895 and below that 1845. If Nasdaq hit 1845 long term investor can start to built position with 20 point stop loss.

Average Directional Movement Index (ADX) and Stockhastic (STO) telling market turn negative or stay side way.

This week you need to watch New Home Sales, Consumer Confidence, Durable Goods Orders. Jobless Claims and GDP. Durable Goods Orders and GDP going to play important roll so for Stock trading or day trading, including penny Stock need to stay alert.

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

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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