BREAK DAY! – Market Analysis for 24/02/2010 by Singaporeseeds

Nice failure of the 50 day moving average. It finally came when I thought it would be delayed again.

Dow daily chart


S&P daily chart


NASDAQ daily chart


Today we might see some bounces on the indexes as the tide turns. I’m not expecting a big downward candle today. We might see the Dow test resistance at 10,340 and the S&P at 1,110 before any big downward movement in the indexes. My initial target for this downward reversal over the next few days would be the early Feb 2010 lows.


I was looking at my charts earlier today and I noticed a commodity that I’ve traded a long time ago.

Daily chart of the Natural Gas ETF


It’s at the lowest I’ve ever seen. Found this when it was at $9 in Dec 09 and made a nice run from it. If I’m going to pick something to invest long term in, this would be it. Buy and hold it for the next 5-6 years and you will be a happy man. =)