Technical forecast for Dow Jones

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Mini Dow beat resistance at 15328/38 as we look for 15377/400. Try shorts here with the market starting to look overbought in the short term with stops above 15450 for a retest of 15500/525 highs. The daily chart remains negative so this should offer a very good selling opportunity with a bearish double top pattern expected.

Immediate support is 15333 then 15288/256. This level could hold the downside today. However a break lower sees 15181 then last week’s low at 15143. We have good support from here down to 15090 with a bounce expected here this week if seen.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More