Monday, August 21, 2006

Markets Today

Dow Jones

Still looking healthy. There are near term resistances at 11421 and then 11430 on closing basis.
If it manages to trade above these levels, there are intraday resistances at 11465 levels. Now the best part for Dow Jones is that if this level is surpassed and there is consistent trading above it, then its smooth sailing since there are no serious resistances above that level.

S & P 500

Nothing much to disturb this index. Basically a buy on declines situation here.
There may be trouble if today's closing is lower than Friday's but there are no indicatons yet. Hold with stop.

Shanghai Composite (China)

This index looks headed for more lows in the longer term, say a few months. But for those looking for short term indicactors in this index, it will probably make a good attempt at a recovery today. 1616.5 is imporatant but before that, even 1604 could be a challenge considering the major direction right now is down.

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