Charmer Charts S&P and Dow Jones daily technical analysis forecast

[CharmerCharts]

S&P double topped at 1107 and we have traded lower. There is support located in the
1092/1090 region, and this area may well entice early in the US session.
Buyers are going to waiting here, but the is scope for further declines due to the severe
overbought conditions evident on the daily charts. So for the time being selling into rallies is the safest strategy and we should look for a bounce from 1092/90 initially. The topside does look to be caught by 1107, and sellers are likely to be here. However if we exceed 1113 which would take us above the med term 50% fib level and also the 200 day moving average then we should rethink the strategy.
Now if we cannot hold onto 1090 we should be able to trade back to the uptrend line which today is located at 1073.

Dow had a narrow range yesterday, obviously...and today we look for the market to fail.
10367 offers support and if we lose this level we should be able to see the sellers on the
back of this and push us lower for 10314 initially, with potential for 10286. If we can bring buyers unto 10367 then obviously we would have a little more to go on the topside.
However under current conditions it would seem that selling rallies would be the safest
strategy with 10443/55 looking to be the top.

 

[CharmerCharts]

S&P held 1107 and came down to 1090. Now we have broken through this overnight to 1087, but currently we are trading back a little higher. 1092/93 is the level to watch on the topside this session.

If we can make a break back above here there will be further corrective pressure leading to 1099 and possibly the 1104/07 once more. Now if we fail to make a break above 1093 and lose 1087 you will find the market coming lower for 1082/81 initially.. The further out we go the weaker the market is expected to become, with 1073 the targeted area for the rest of this week.

Dow looks under pressure once more this morning. A loss of 10276 leaves us open to further downside moves wit 102 to 10180/70 targeted. Would expect some support at these lower levels, therefore sellers are advised to cover. However the pressure does look to be the downside so again selling rallies seems to be the safest strategy.

10367 is good resistance and sellers are looking to be in at these higher levels. If we break 104 sellers will look to reverse.

 

[CharmerCharts]

S&P bounced a little yesterday reaching 1106. However sellers were waiting to defend the 1107 resistance and down we came once more. Now this morning we are edging a little higher, but again we need to negotiate the 1107 resistance before buyers would come back into the market.
Even if we did break above here there is excellent resistance at 1111/1113 and this level should prove to be a difficult barrier.
Failure to break through 1107 sees the sellers out in force once more and we should then trade lower for 1092/93 to 1087. Buyers are expected at these lower levels and they will hold unless we lose 1087.

Dow Once more we have resistance to 10367/70 and unless we can break and hold above here we should look for the sellers to re-emerge and drive the market lower once more.
We would be looking to 10285 then 10245 to entice. Buyers are expected here and they will hold longs unless we break 10245. If we do then look for 102 to 10180 to entice the market lower.
Now if above 10370 look for 104.22/26. Here buyers are advised to cover longs. Buyers would only then re-instate longs if above 10426. We would then see the market come higher for 10443/55.

 

[CharmerCharts]

December S&P has broken higher overnight reaching 1115.4. Now we do have resistance here and the market is overbought short term so care is needed if wishing to go long. You are safer to be buying into dips at this point with the gasp at 1105/04 looking to entice. Add to longs then down to 1101 keeping stops below 1095. If we lose 1095 we would be looking at further weakness leading to 1092/87.

Now if after correction we can clamber above 1115 there is a good chance we can continue to move higher overall with 1126 to 1129 then the targeted area. Obviously this should not happen overnight, but within the next few days.

Dow December has opened higher but short term is overbought. We do have resistance at 10490 and it is unlikely that we will break this point before a correction has occurred. Correction should come down to the 10371/67 region and here is where buyers are to be expected. Buyers will only wobble if we break below 10355. Then we can see us coming lower for 10317/14.

Now once correction is complete we can see moves higher with a break of 10490 triggering a move higher for 10555/60. Here buyers are expected to cover. They will go long once more if we break 10560 for 10585 to 10604.

 

[CharmerCharts]

S&P has made it above 1115 and is now nudging 1117/19. The next main targeted area is 1126 to 1129 and bulls may look to push on towards this area today...as long as we can hold above 1115! If we do make it this far we should find resistance and so expect a heavy bout of profit taking as brave sellers try their luck here, looking for a top today. Sellers may wish to add to shorts up to 1135 with tight stops above.

However below 1113 turns the outlook weaker with the strong possibility of a revisit to 1105/04 which should provide a buying opportunity today. Add to longs then down to 1101 keeping stops below 1095. If we lose 1095 we would be looking at further weakness leading to 1092/87.

Dow Jones December futures are struggling at resistance of 10490 again today so we remain wary of a correction.

If we cannot break higher look for the correction to take us down to the 10371/67 region and here is where buyers are to be expected. Buyers will only wobble if we break below 10355. Then we can see us coming lower for 10317/14.

Now once correction is complete we can see moves higher. Watch for a break above 10490 to trigger a move higher towards 10555/60. Here buyers are expected to cover and take profits. They will want to go long once more if we break 10560 as they look for 10585 to 10604.

 

[CharmerCharts]

S&P has settled down a bit after reaching 1122. We have good support at 1114/113 and need to see if we can hold this region. If we can then look for gains once more with 1122 and then 1125/26 targeted. Buyers are advised to cover all longs to here as we should see the market come under some pressure at these higher levels. It is only a break above 1129 where the market would once more look strong.
Now if we lose 1111 we can see prices coming back to 1107/04. Buyers are expected once
more to come in at these lower levels.

Dow December has resistance from 10490 up to the week’s highs so far at 10523 and sellers are expected to be active ion this band again today.
If this continues to hold then we could test support at 10426/22 which has held so far this week. If this level fails today then look for prices to come down to the 10371/67 region and here is where buyers are to be expected. Buyers will only wobble if we break below 10355. Then we can see us coming lower for 10317/14. Now once correction is complete we can see moves higher with a break of 10490 triggering a move higher for 10555/60. Here buyers are expected to cover. They will go long once more if we break 10560 for 10585 to 10604.

 

[CharmerCharts]

S&P not really doing much, but its Thursday and markets can go a bit wild on Thursdays. 1122 holding currently and we need a break of this point then we can make gains once more with 1125/26 targeted.

Buyers are advised to cover all longs to here as we should see the market come under pressure at these higher levels. It is only a break above 1129 where the market would once more look strong, but again will encounter quite major resistance at 1135 from med term 61.8 fib level.

Now if we lose 1113 we can see this coming back to 1107/04. Buyers are expected once
more to come in at these lower levels.

Dow struggling at 10520/25 and we do need to break above here to keep buyers interest.
Now it could well be that the reason we are not breaking higher is that we are at significant overbought levels...so we may well see a thrust lower before we can break this above resistance.

Below 10480 would trigger slide and we should then be able to see declines posted to
10370/67. This should offer support and unwind the severity of the overbought scenario.

Now as with S&P...Thursdays are a bit wild and wacky sometimes, so if we do break 10525 we would still be cautious, but we could well run up to 10585/10604 before grinding to a halt.

 

[CharmerCharts]

S&P held 1113 and travelled higher. Overnight and this morning gains have been main-
tained and we have broken the 1129 resistance and currently at 1131 seeing highs of 1132.
Now we do have major resistance at 1135 as stated yesterday. This is from the med term 61.8 fib level and as such it should see a glut of sellers here looking to keep the market depressed.

Now we are overbought, but have been for quite some time...so we would look for a low risk trade of selling a move towards 1135, keeping stops quite tight just over 1139. As above here does blow the 61.8 fib level and then we can trade higher.

We are supported now at lower levels of 1122 to 1117. However failure at 1135 would provoke quite a correction and buyers should be aware that we can come back to 1107/04 quite quickly.

Dow has broken higher and the move today over 10604 has us looking at the previous
reaction highs of 10667/85. Here we would expect some form of selling pressure and profit taking should also see us stall at these highs as well. Really you only want to be covering shorts if we break the 107 region.

We are overbought, although this has made absolutely no difference at all in recent days, however if we stall prior the previous 10685 highs then we should be in for quite a large retracement. 10525/20 to 10485 would entice quite quickly.

 

[CharmerCharts]

S&P backed away from 1135 key resistance only reaching 1132. Currently holding 1117
there is scope that we can break below 1117 and make our way to 1113.

This has proved to be good support and should not break easily this time round. However if we do lose 1113 we should look for the sellers to get back involved for 1107/1104. 1117 holding leaves potential for 1125/26. Sellers are expected once more at these higher levels. If we break above 1126 sellers will leap from shorts, joining buyers for up to 1229/32.

Dow reached 10628 and ground to a halt coming lower for 10497. Now although we have bounced a little higher we are looking at the market to falter here, creating a small top formation which would leave the market well placed to come lower.

We are still overbought on the daily charts so a move lower would be favoured so we can ease this overbought scenario. Downside support is 10485 to 10470. We may well be able to hold this support, but if we fail then we can trade lower through to 10426/22.

Now if we hold up and break above 10628 we should look for the market to come back
higher with 10667/85 the previous highs then the targeted area.

 

[CharmerCharts]

S&P broke higher yesterday after holding onto 1117. Now we did break 1135 and this then pulled all the stops out and we reached 1140. We are back below 1135 now and we have to see whether or not this break lower can be sustained.

If we can hold below 1135 we should be able to come back below 1129 for 1126/25. Here sellers would be advised to cover all short positions. Only if we lose 1125 would sellers once more come back into the market, leaving 1117 once more targeted.

Breaking back above 1135 would ease the downside threat and once more we can trade higher with 1140 to 1144 targeted.

Dow Jones extended higher above 10685 yesterday and came higher for 10704. We have traded lower from these highs, and we are back below 10685 and this needs to be watched early in the session.

If we fail to break back above 10685 we should see this come lower to 10629 pivot with
10604 following. We need to see if buyers are going to come in at these lower levels. If
they fail and we break 10604 we are looking to 10560/55.

Back above 10685 should see move higher to 10746. Buyers are advised to cover to here. Buyers will only come back into the market if we then break above here.

 

[CharmerCharts]

Today's Charmer Charts forecast:

S&P fulfilled our expectations and hit our target of 1144 seeing all longs covered. We failed to hold 1135 on the close and this leaves us a little shaky in the early part of this session. Already we have seen lows of 1131 and we have the 1131/29 support band at this area.

So we should look for the market to hold 1129 and really is only a break below 1128 where we would see the buyers panic a little. If we lose 1128 then we should see this come back further for 1125 and possibly 1122. However we would have unwound the overbought scenario here and buyers would once more be expected.

1135/1136 is the daily pivot, and this is also good resistance, so we need to break this point to see us on our way to 1139 first with 1144 following...Only above 1145 would buyers re-enter the market for 1149/50.

Dow ground to a halt at 10705 and this morning we are back below 10685. We need quickly to rally back above this resistance to ease further downside pressure. If we fail to make the break higher we should look for 10631 to entice initially. If we lose this support we are going to trade lower for 10604 to 10585.

Back above 10685 does give us a fighting chance for 10746,but again we need to break through 10705 first before buyers would come back into the market at these higher levels.

 

[CharmerCharts]

S&P has failed to maintain strength and has headed lower currently below yesterdays lows of 1126. Now we do have support down to 1117 and this move lower may well be just a correction to unwind the overbought scenario.

However if we cannot hold onto 1117 we will find the market coming lower back through
to 1113 and even possibly down to the gap at 1107/04.

If we do hold support region and climb back above 1130 look for 1135. This may prove a bit of a barrier thus cover longs, and only go back in if we exceed 1135. we would then target 1140/1144 once more.

Dow under pressure and looking to test 10604 then 10585. If we lose 10585 look for the
1st med term fib level at 10556 to entice. This should hold and the uptrend resume....Obviously a loss through here would be deemed quite negative for the trend.

Back above 10685 does give us a fighting chance for 10746,but again we need to break
through 10705 first before buyers would come back into the market at these higher levels.

 

[CharmerCharts]

Charmer Charts daily technical analysis forecast:

S&P came lower as expected and nit 1117 once more and this move lower may well be just a correction to unwind the overbought scenario. However if we cannot hold onto 1117 we will find the market coming lower back through to 1113 and even possibly down to the gap at 1107/04.

If we do hold support region and climb back above 1130 look for 1135. This may prove a bit of a barrier thus cover longs, and only go back in if we exceed 1135. we would then target 1140/1144 once more.

Dow did break lower, but came quickly back above 10585 and has carried on higher this morning.We have support at 10604 and this has offered the overnight lows. So we should now trade back towards the recent highs of 10765/70. Buyers are advised to cover all longs to here. They should only re-instate longs on pullbacks to the 10604 region or buy a break of 10770.

Above 10770 sees us come higher with 10808 then 10865 targeted.

 

[CharmerCharts]

CharmerCharts.com daily forecast (Available from 10am UK time)

S&P bounced off 1117 as expected, thus proving it was just correction and we traded
higher , reaching 1149 overnight. We have eased from these highs and should encounter
good support at 1140 to 1135.
Buyers are expected to come back into the market on dips to these lower levels. Sellers
will only be interested if we lose 1135. 1135 holding leaves us liable to 1149/50 once more. Buyers are advised to cover to here. Only if we break above 1150 would buyers re-enter the market and we would then be looking for 1164/65 to entice.

Dow shot higher Friday and overnight we have come so close to target area of 10865
reaching 10851. Currently we are correcting but the downside is looking limited to
10705/04.
Here we expect buyers to come back into the market therefore all sellers should look to
cover here. Buyers will only reverse if we break 107. We still have resistance located at 10865. This may well prove a difficult barrier to break, but if we do then we should be able to let the buyers take this higher for 10908/21.

 

[CharmerCharts]

Report available from 10am.

S&P just could not hold onto gains and down we came, reaching lows of 1131 this morning. The loss of 1135 is quite disconcerting for bulls, as this does suggest there is more to go on the downside with 1129 offering a glimmer of hope.
However if we lose 1129 then we are coming back to 1126/1125 quite quickly. You should find a last gasp attempt by the bulls to hold this support levels and they will only wobble below 1125. if we do lose this support look for further weakness to follow with 1117 then targeted.
Now to ease the downward threat we do need to rally and hold back above 1135. if we can manage this then we have a good chance of reaching the 1144 resistance once more.

Mini Dow Jones Dec Contract
Dow has failed on the topside and currently below 107. This is not great news for the
bulls, and they will be looking to 10685 as a saviour for them.
However, the market does look a little weaker now and a loss of 10670 will see buyers
flying for the door, as the sellers take back control and try the downside for 10604 then
10560/55. We need to climb back above10765/70 to take off downward pressure and this isn't looking very likely until the downside correction is complete.

 

[CharmerCharts]

Our US markets reports are available from 10am UK time at charmercharts.com:

S&P held the 1146 region and we came lower from here as predicted to excellent support at 1135.

Buyers came back in here and we have traded slightly higher. However, the market does seem to be sticking on rallies, so we need a concerted effort by the buyers to take out resistance once and for all. If we cannot hold onto 1135 we should look for the market to come lower to the 1129 region. Possible buyers are entering the market here and they will be determined to keep the market afloat. Only aggressive selling down past 1125 would the buyers wobble and jump from longs.

1144/46 offers resistance. We need to break really and hold above 1150 to keep stave off the irritating sellers. If we can do this then we can look for 1155/57 then 1162.

Mini Dow Jones Dec Contract

Dow dipped 10740 to 10735 yesterday after reaching 10830, and has come lower overnight to 10721. Now we have recovered and we should in theory trade higher. If we can hold 10770/65 we should see the 10822/30 support once more visited. Here buyers would cover. They should re-instate longs above 10830 as this would signal a move higher to 10909/21.

Now if we cannot hold 10765 we should look for another assault on 10720 to 10704. Buyers are expected here and they should hold unless below 10700.

 

[CharmerCharts]

Today's Charmer Charts daily forecast:

S&P is messy from the short term charts, but if we take a look at the longer term ones above we can see that the rounded topping pattern we have evident suggests that we have seen a top and that prices will fall.

We are looking at between 1117 and 1113 to at east hold in the short term. Sellers are advised to cover all shorts to these lower levels. You would find that a break of 1113 would weaken the market further, leaving 1107 to 1104 then our targeted area. Buyers would be expected to come back into the market at these lower levels and we would then be in a good position to trade higher. However, at this point rallies would look to be correctionary, and 1080 is still lurking in the background. We have resistance at 1144/46. Unless we clear above here today play this from the short side.

Mini Dow Jones Dec Contract - Dow struggled as expected and we have come lower overnight towards target area of 10885/65. This region remains our target for this morning, and sellers would therefore be advised to cover all short positions.

Below 10665 weakens the market further, but the truth is that the buyers have had their chance to break and hold through resistance at 10822, and they failed Friday, reaching only 10807. This has sent a bearish signal to the market, and if buyers fail to come in at 10665 we will head lower for 10585 to 10550.

108685 holding does leave scope for a small retracement higher, but gains are currently looking limited to 10765/70 and you will find sellers coming in at these higher levels.

 

[pboyles]

Today's Charmer Charts daily forecast:

S&P is messy from the short term charts, but if we take a look at the longer term ones above we can see that the rounded topping pattern we have evident suggests that we have seen a top and that prices will fall.

We are looking at between 1117 and 1113 to at east hold in the short term. Sellers are advised to cover all shorts to these lower levels. You would find that a break of 1113 would weaken the market further, leaving 1107 to 1104 then our targeted area. Buyers would be expected to come back into the market at these lower levels and we would then be in a good position to trade higher. However, at this point rallies would look to be correctionary, and 1080 is still lurking in the background. We have resistance at 1144/46. Unless we clear above here today play this from the short side.

Mini Dow Jones Dec Contract - Dow struggled as expected and we have come lower overnight towards target area of 10885/65. This region remains our target for this morning, and sellers would therefore be advised to cover all short positions.

Below 10665 weakens the market further, but the truth is that the buyers have had their chance to break and hold through resistance at 10822, and they failed Friday, reaching only 10807. This has sent a bearish signal to the market, and if buyers fail to come in at 10665 we will head lower for 10585 to 10550.

108685 holding does leave scope for a small retracement higher, but gains are currently looking limited to 10765/70 and you will find sellers coming in at these higher levels.

Carol,

I've noticed that you quote pivot points on some instruments and not others. Do you believe they are of less use on some instruments or is just a case of not including them sometimes because it would be too much information.

 

[CharmerCharts]

Carol,

I've noticed that you quote pivot points on some instruments and not others. Do you believe they are of less use on some instruments or is just a case of not including them sometimes because it would be too much information.

hi!...yes we have noticed that pivot points do not work well on all markets. Thanks for following us!...

 

[CharmerCharts]

Charmercharts.com daily forecasts available from 6am:

S&P came lower through 1135 for 1127. However we have blipped higher this morning and yet we still have resistance at 1139/40 and we are looking to fail initially here. If we break the 1140 resistance then we see 1144/46 looking to entice. This should be the top of any rally and we are looking to fail here and for the market to come lower. Declines should be in the 1127/25 region initially. Cover shorts to here. Re-sell a loss of 1122. A break below here leaves 1117 to 1113 then as your targeted area.

Now if on the other side of the coin we break the 1146 resistance we are looking at 1150 which should cap this session.

Mini Dow Jones Dec Contract - Dow came even lower yesterday, breaking 10685 for 10638. We have seen a correction higher from these lows, but we are not making headway much on the downside overnight and early today. Unless we can break the 10765/70 region we are coming back to yesterdays lows once more. Cover shorts on dips to here. Loo to re-sell a break of 10630 as this would signal another wave of selling pressure, leading us to 10604 then 10585.

So we are selling rallies unless above 10770. If we can break above this region we can trade slightly higher, looking for a try of the topside and recent resistance in the 10908/21 area.