Nasdaq100
: 2656.53
Short-Term Trend: Downtrend
Outlook: Nasdaq 100 attempted a rally last week but this rally managed to bring prices only to 2702 and then on Friday the selling pressure resumed. And the daily chart remains quite negative with prices below the declining 21-day moving average. Thus, we expect to see lower prices toward 2544 level eventually. On the upside, only a move above last week's high (2702) will shift the immediate pressure on the upside....
Strategy: Holding short from 2797 is favored. Stop=2705
S&P500
Short-Term Trend: Weak uptrend
Outlook: S&P500 found support just above the 1395 chart level last week and managed to rally. But the rally was short-lived and reached only the 1434 level. Then the selling pressure resumed. Thus, the previous support at 1430 level has now provided resistance and that tells us a negative message. A decline below 1395 will likely bring downside acceleration toward 1378 first, and then to 1355.
Strategy: Stand aside.