Dow & S&P 500 market analysis for week ended 04/09/09

I've been very busy with the bazaar lately. Learning a lot and having loads of fun. No time to do a proper analysis but this is the market analysis of my good friend David Elliot. Anyway i've learnt most of my trading techniques that i use today from him. So he's analysis should be better than mine.

04/09/2009

This week we saw our best market drop in several months.
Yesterday saw a three day pre holiday bounce that will most likely continue today without volume.
In addition the US$ continues to chop in a sideways pattern without breaking out of the range for the last two weeks. The US$ needs to breakout of 79.00 on a close to break free of this consolidation. US$ 77.85 on a close, remains our sell stop of last resort for the dollar.


Gold made a run at $10000, hit $999.50 before the sellers came into the picture.
Likely some more selling today.

This sideways/ bounce today should see some resistance at some of our major resistance targets and then start down for the beginning of a wave 3 down move.
Tuesday and Wednesday after the holiday weekend should see a continuation of the trend down that we started last week.


The DJ-30 resistance is 9383
The SP-500 resistance is 1007 - 1009.85
QQQQ resistance is 39.75.