Wednesday, July 08, 2009

Dow Jones and S&P 500 to continue downtrend:- 
Last time we saw how Dow Jones was showing weakness (On 10June2009, refer that post
It has achieved our target of 8400 but now shows more downside also. Dow Jones has formed a bearish Head & Shoulders pattern and as of now it has already broken the neckline at 8200 (this graph doesn't have the breakdown bar). The target for this formation comes near 7700-7800, so US markets look still bearish from here.

S&P 500 looks bearish:-
S&P 500 had formed a bearish wedge along with a Head & Shoulders. Wedge was broken a fortnight back but H&S also got broke down last night. The next target for S&P500 can be 710-720.

The Data flow continues to be negative in US as unemployment rate hit 26-year high

Obama Adviser Says U.S. Should Mull Second Stimulus

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