Today's outlook for S&P and Dow Jones futures
Thursday, September 02, 2010
by Carol Harmer of Charmer Charts
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S&P held onto support and blasted higher, taking out all levels of resistance until reaching 1082. Very little correction overnight and therefore if we break the 1084 resistance early in trading session we should then be able to travel higher for 1090/92. Here buyers would be looking to take profits. If we cannot break 1092 sellers would take this opportunity to correct the market to lower levels with 1073/71 then targeted. If we can hold onto this support we should be able to try for the topside once more.
Failure to hold over 1071 sees 1066/64. Once more buyers are expected and they will hold unless we are below 1064.
Dow Jones blasted higher and came to 10280. Good resistance is at 10286 and so unless we can break through this resistance early in the session look for a correction. 10150 is good support from Fib level and any dip to here would see buyers coming back into the market. Buyers will add to 10135 and only reverse if below 10110.
Above 10286 sees the buyers once more back in control and they should then be able to take us higher to 10367/10385 without too much trouble.
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.
