Sunday, August 29, 2010

Pause in the Downtrend - Market Analysis for 30/08/2010 by Singaporeseeds

Daily chart for Dow


Daily chart for S&P


Daily chart for NASDAQ


The market hit a series of important support levels on Wednesday and Friday and bounced. This week we will see whether this bounce will follow through. On the shorter term I believe this bounce should bring us to around 10,250 on the Dow and 1,080 on the S&P. However the market is still on a longer term downtrend with a first target at 980 and a second target at 900 by December 2010 on the S&P. There is nothing to show that the downtrend had ended yet.

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