Global Futures | Resources
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Monday, August 30, 2010 - Weekly e-Newsletter & Commentary - Issue No. 422
| Emini Commentary |
| Andrey Korchnoy, Sr. Systems Analyst |
 U.S. stocks fell for a third week, sending the Standard & Poor’s 500 Index to its longest losing streak since February, as a record plunge in home sales raised concern the economy may relapse into a recession. The S&P 500 ended the week down 0.7 percent at 1,064.59 after slumping 1.5 percent on Aug. 24 and rising 1.7 percent yesterday. The Dow Jones Industrial Average dropped 62.97 points, or 0.6 percent, to 10,150.65, extending its decline to 3 percent this month.
Market continue downtrend, will be retesting last years lows and now forming sideways pattern above these levels. Such price formations are usual indications that market is accumulating power to brake even lower in the nearest future. Below are some expected resistance and support levels on US major indices.
September Mini S&P Futures – trading range for next week is: buy at 1050 and sell at 1085
Supports: 1050, 1015, 990, 950, 925, 900, 875, 850, 830, 800, 780, 767, 740, 726, 700, 685 and 667
Resistances: 1085, 1111, 1200, 1226, 1240, 1285, 1327, 1360, 1400, 1425, 1451, 1500, 1554 and 1585
September NASDAQ Futures – trading range for next week is: buy at 1765 and sell at 1800
Supports: 1765, 1700, 1650, 1560, 1480, 1435, 1400, 1350, 1290, 1265, 1200, 1150, 1100, 1060, and 1000
Resistances: 2055, 2172, 2000, 1975, 1925, 1880, 1850, 1800.
September DOW Futures – trading range for next week: buy at 10000 and sell at 10250
Supports: 10000, 9800, 9500, 9300, 9180, 9000, 8800, 8520, 8400, 8000, 7850, 7630, 7450, 7350, 7200, 7000, 6800, 6600 and 6450
Resistances: 10250, 10380, 10500, 10850, 11150, 11400, 11650, 11850, 12000.
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