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Today's Outlook for S&P and Dow Jones.
Friday, June 25, 2010
by Carol Harmer of Charmer Charts
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S&P continued to lose ground breaking below 1070 to reach 1066. If we can climb and hold above 1075 then look for a test of 1079/81 to follow. This should see some profit taking as sellers try to keep the market under pressure but a break higher is possible. This would target a move to 1084/87 and this is where sellers will be more determined. There is a strong chance that this marks the high for today but if we do mange to push through this resistance then we should run up to 1090/91 where bears are likely to be piling on the pressure. A break below 1066 sees sellers pushing on down to 1062/62. Be aware though that sellers have 1044/40 in their sights and also a break of 1036 and although this region may hold initially, the market is under pressure and should break this support eventually. Dow Jones went for an assault on 10110 as expected and broke lower for 10068. If we cannot hold above here today then we should see a test of 9993/9974 as we continue to lose ground this week. If we can hold on to yesterday's lows then we should see a test of 10180/96 once again. This is quite a barrier today and we may not make it any higher before a wave of sellers returns. It will take a break above 10200 to relive downside pressure and once above 10220 we should see a run up to 10246/75 which should be the high for today if we get this far.
Recent articles from this author
- Today's outlook for mini Dow Jones Futures. - Wednesday, February 08, 2012
- Today's FX outlook for Japanses Yen - Wednesday, February 08, 2012
- Today's FX outlook for Swiss Franc and Euro/GBP - Wednesday, February 08, 2012
- Today's outlook for Australian Dollar and Canadian Dollar - Wednesday, February 08, 2012
- Todays Outlook for Dow Jones Futures. - Tuesday, February 07, 2012
About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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