Sunday, August 17, 2014

The Weekly Market Outlook - $DJIA $SPX $NDX 18 August 2014

*****The market has tested support and resitence levels, as reviewed last week, with continued possibility of testing lower levels before breakout to new highs.

World politics and news may make for faster tests to the downside and possible quicker recovery as well. Optimism or pessimism into the Fall and final month of the quarter will weigh more heavily as we close this week and month.

The fast rise in latest days of the $NDX can become a challenge if it reverses and continues down below the test lines. It could create pattern signaling a longer term pullback. But the $SPX and $DJIA still need to catch up which could further support the Nasdaq and its climb.

Good luck and
Happy Trading, Living and Dancing

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