MARKET ENVIRONMENT THE SAME
I have been out of the country for the last three weeks and markets look about the same as when I left. Although some new highs were made, the market is once again below those highs. So far today, the Chinese markets are down 2.25%. To me, markets worldwide continue to appear vulnerable. It will take the until Monday to reacquaint myself with current conditions. However, by bearish scenario seems very much intact and seems to be waiting for some unknown incident to happen. Continue to be cautious!
KEEP AN EYE ON THE CHART BELOW FOR BREAK OUT POINTS BELOW RESISTANCE OR ABOVE SUPPORT AREAS. Particularly watch for a breakout below Dow 17,147/17,000, NASDAQ 4605/4545, S&P 500 1991/1973. That would change the Intermediate trend to DOWN
| Current | Dow | NASDAQ | S&P 500 |
| 18,107 | 5,088 | 2,116 | |
| Short Term | DOWN | DOWN | DOWN |
| Int. Term | SIDEWAYS | SIDEWAYS | SIDEWAYS |
| Long Term | UP | UP | UP |
| ForecastedTrendd | DJIA | NASDAQ | S&P 500 |
| Short Term | Down | Down | Down |
| Int. Term | ? | ? | ? |
| Long Term | Sideways? | Sideways? | Sideways? |
| Breakout Points | DJIA | NASDAQ | S&P 500 |
| Short Term Up (Resistance) | 18,288 | 5,101 | 2,120 |
| Short Term Down (Support) | 17,147/17,0000 | 4605/4,5455 | 1,991/1,9733 |
| Int. Term Up (Resistance) | 18,974 See Fibonacci Projections above | 5,002 See Fibonacci Projections above | 2,486 See Fibonacci Projections above |
| Int. Term Down (Support) | 15,855 /15,356 /14,688 | 4,166 3,986/3294 | 1,820 /1,560 |
| Long Term Up (Resistance) | 18,974 | 5,132 | 3,044 |
| Long Term Down Fibonacci Support | 50%12,000 62% 10,750 | 50%2,958 62% 2,555 | 50%1,390 62% 1,177 |
| 10 yr Treasury 2.05 | Gold 1,183 | Oil 59.78 |
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