Taken from www.charmercharts.com
Dow Jones mini:
Mini Dow Jones pulled back as expected to our buying opportunity at 12900/895 which was expected to hold the downside yesterday and indeed the low was made at 12901.
The market had a good bounce to 12977 to offer a profit on the trade but we have now headed lower again as the market appears to be running out of steam this week. We look likely to retest the 12900/895 support today and if attempting longs here again we need to place stop losses below 12860 for 12823/14. Buy again here with stops below 12770.
Above 12984 we will be looking for the next targeted resistance at 13033/60 which was almost achieved earlier this week. Once through here we should be on the way to a challenge of mid 2008 highs at 13133/40.
NASDAQ mini:
Nasdaq briefly blipped above the highs to 2602 but couldn't sustain any momentum higher and we saw a bit of a pullback. We have seen a return to this higher levels so far in this mornings session but as yet have been unable to make any further breaks higher.
Support on any pullback starts at yesterdays and the weeks lows at 2572/74. Below here we have fib support at 2561. Below here we have some support at 2543/47 and given the strength of the market we would look to attempt longs here keeping stops below fib support at 2535 as a break below here calls for a move lower to stronger support at 1511/15.
Resistance on any further move higher is at 2600 up to the highs at 2602. A break above here would call for a move higher up to 2617 resistance.
