A few international indices

Someone from the CNA forum asked me to look at the indices today as panick is everywhere. It is unfortunate that I did not suscribe to the data. So I need to second source and the conversion is very troublesome.

Anyway, I have managed to get data for DJIA and N225. But they are not updated for 31st May 2006. So what I will do is to look at weekly performance for a longer term analysis.

Its been a while since I last touch DJIA. I was amazed that it completed a complex 4th wave (abcxabc) and have since moved on. At present moment, it has difficulty in crossing the previous high. The formation is rather messy and more time is needed for detail analysis. In a big way, I don't like this chart. It is in a congestion mode and if it turn downward and crosses the 7000 mark, next destination at 2,500. On a minor note, RSI and stochastic is moving south, so there will be south migration. The downtrend will continue until indicator change courses.

Short term support for this index is 10,767.

The Nikei 225 has done a reverse head and shoulders but forgot to touch the trend line before moving on. Now it is coming back to complete the job. Divergence is seen on both RSI and Stochastic, therefore supporting its down turn. However, I suspect that its fall will be stopped by 14,557.