Today's outlook for S&Pand Dow Jones futures
Wednesday, September 01, 2010
by Carol Harmer of Charmer Charts
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S&P has reached 1059 overnight yet we have held this point and currently trading lower. However we have support at 1049/47, and if we can break this region there is scope once more to come and re-visit the 1037 support. Three times this has held now, and therefore sellers are advised to cover just prior this region. Sellers would only go back into the market if 1037 breaks. A loss of 1037 sees the market come lower for 1033/31 first target.
Resistance remains at 1054/55. If we break above here then we should see 1059/61 once more but that should be the top of any rally.
Dow held 9908 and traded higher. We extended the move higher overnight, reaching 10088. Support is at 10021/20. If we cannot hold over this support early in the session then we should be able to come lower towards the 9900 support once more. Failure to hold over this support keeps the immediate pressure to the downside, leaving 9860/58 then targeted.
10021/20 holding does leave scope for another move higher with 10110/10135 then the objective. |here buyers are advised to cover. Sellers will appear, and they will hold unless we break 10150.
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.
