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

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.

Apple, Inc. is more than 300% higher than the pre 2008-financial crisis high.

Amazon, Inc. is breaking above a key resistance level.

EBAY is at a six year high, which is also near a 78.6% Fibonacci retracement level.

IBM is trading in an up trending channel.

 

Print Friendly, PDF & Email