Key Levels and Charts For The Week Of September 03, 2012 : Market Remarks

Monthly Pivots:

	Dow	S&P500	NASDAQ	DJTRA	R2K	FTSE	DAX
Previous	13,009	1,379	2,940	5,088	787	5,635	6,772
Open	13,007	1,379	2,957	5,088	790	5,635	6,776
High	13,331	1,427	3,101	5,224	827	5,876	7,105
Low	12,779	1,355	2,891	4,931	765	5,633	6,596
Close	13,091	1,407	3,067	5,007	812	5,711	6,971
%	0.6%	2.0%	4.3%	(1.6)%	3.2%	1.4%	2.9%
Change	82.2	27.3	127.4	(80.9)	25.2	76.2	198.5
Close	Hi	Hi	Hi	Low	Hi	Low	Hi
TR %	4.2%	5.2%	7.1%	5.8%	7.8%	4.3%	7.5%
Resistance 2	13,619	1,468	3,229	5,347	863	5,983	7,400
Resistance 1	13,355	1,437	3,148	5,177	838	5,847	7,185
Pivot	13,067	1,396	3,019	5,054	802	5,740	6,891
Support 1	12,803	1,365	2,938	4,884	776	5,604	6,676
Support 2	12,251	1,293	2,729	4,591	714	5,361	6,167

Weekly Pivots:

	Dow	S&P500	NASDAQ	DJTRA	R2K	FTSE	DAX
Previous	13,158	1,411	3,070	5,119	809	5,777	6,971
Open	13,158	1,411	3,084	5,119	812	5,777	6,960
High	13,176	1,416	3,087	5,134	820	5,779	7,049
Low	12,979	1,397	3,041	4,987	806	5,706	6,871
Close	13,091	1,407	3,067	5,007	812	5,711	6,971
Change %	(0.5)%	(0.3)%	(0.1)%	(2.2)%	0.4%	(1.1)%	(0.0)%
Change	(67.1)	(4.6)	(2.8)	(111.1)	2.9	(65.1)	(0.3)
Close (vs. MidPoint)	Hi	Low	Hi	Low	Low	Low	Hi
TR %	1.5%	1.4%	1.5%	2.9%	1.7%	1.3%	2.6%
Resistance 2	13,279	1,426	3,112	5,191	826	5,806	7,142
Resistance 1	13,185	1,416	3,089	5,099	819	5,759	7,057
Pivot	13,082	1,407	3,065	5,043	812	5,732	6,964
Support 1	12,988	1,397	3,043	4,951	805	5,685	6,878
Support 2	12,791	1,378	2,996	4,803	792	5,611	6,700

Notables Charts:

Dow Jones Industrial Average has recovered 89% Fibonacci level of the 2007-2008 financial crisis decline. It is finding resistance at the 89% level and the April-May 2008 highs. In the third week of August, the index retreated after testing the 2012 high. Since October 2011, DJIA is making a high high and higher lows. Till that trend breaks the bias will remain upwards.

After making a higher high than the 2007-2008 high in 2011, Dow Transportation Average is struggling to go above that level. It is stuck in a symmetrical triangle. Last week’s action is taking the index to the lower bound. This component of Dow Theory is not in any way confirming DJIA, which raises the doubts about the current rally.

NASDAQ Composite has recovered all the ground that it lost in the financial crisis and then some. In April 2012, it made an eleven year high and is again nearing that level.

The global equity market is not doing as well as the US indices. The recovery since the 2009 low in Global Dow founr a resistance at 61.8% level in May 2011 and since then the index is making a bearish descending triangle.

But some markets are doing much better than the Global Dow index. Indonesian stock market made an all time high in August 2011 and then again in April 2012. It is again trying to challenge that resistance level.

Another emerging market doing better is Turkey. After making the all time high in November 2012, Istanbul exchange index retreated and made a tripple bottom in late 2011. Last week saw it break above a down trend line touching October 2012 high and May 2011 high.