Wednesday, January 20, 2016

21 Jan 16 Market Review

S&P500 is now facing a major resistance changed support since end of 2013 at 1830pts. It has been tested twice in Apr and Oct 2014, also Aug 2015 Black Friday.

Now it is at critical level and bearish region as way below it 20, 50, 200 EMA. If it breakthrough this level, mean it will be sloping down to bearish level of 1730 support.

S&P500 recent high at 2078pts, to define long term bearish market it is calculated as 20% drop from the recent high,  which is about 1660pts.

DJIA is not way better than S&P500, $TRANS is collaborated with DJIA movement. DJIA at critical level of 16016pts, which is a strong support. If breathrough this level, may lead to further major support level of 15375pts, which is 24 Aug 2015 black Fri low.

DJIArecent high at 17917pts, to define long term bearish market it is calculated as 20% drop from the recent high,  which is about 14333pts.