Today's outlook for S&P and Dow Jones futures
Wednesday, September 08, 2010
by Carol Harmer of Charmer Charts
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S&P held 1107 and came down to 1090. Now we have broken through this overnight to 1087, but currently we are trading back a little higher. 1092/93 is the level to watch on the topside this session.
If we can make a break back above here there will be further corrective pressure leading to 1099 and possibly the 1104/07 once more. Now if we fail to make a break above 1093 and lose 1087 you will find the market coming lower for 1082/81 initially.. The further out we go the weaker the market is expected to become, with 1073 the targeted area for the rest of this week.
Dow looks under pressure once more this morning. A loss of 10276 leaves us open to further downside moves wit 102 to 10180/70 targeted. Would expect some support at these lower levels, therefore sellers are advised to cover. However the pressure does look to be the downside so again selling rallies seems to be the safest strategy.
10367 is good resistance and sellers are looking to be in at these higher levels. If we break 104 sellers will look to reverse.
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.
