- As expected, the index fell to the support line around 4k and even fell further to as low as 3954 before ending the day at 3967. This fall nearly meet the wave equality target at 3940 and smashed through the 61.8% Fibonacci support at 3995. The next technical support comes at 3940 and should the index squeezed further, we will risk a fall towards the 76.4% retracement level at 3698, just above the prior key low at 3635.28. More supports come at the 1.618x projection level at 3397.80 and the starting point of the uptrend at 3217.95.
- US stocks tumbled as Mid-East tension flares up. Crude oil jumped to $109.01/barrel, taking along the gold price to $1,420.2/oz. DJIA fell 170 points or 1.14% while the S&P 500 retreated 1.59% to 1630.48 as the odds of US intervention on Syria is seen increasing after Obama delivered a statement regarding usage of chemical weapons in Syria.
- Tuesday's decline pushed ULTJ out of the recommendations pool as it fell below its risk at 3375. This leaves the remaining recommendations to just four. None is added for now, and the steep fall of the Dow seems to set the path for JCI this Wednesday straight to the gutter as it poised to test the next support at 3940... and could be even lower. Upside, resistance comes at 4062 and subsequently 4261.
Selasa, 27 Agustus 2013
Morning Dew - 28 August 2013
Key Points
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