The Dow sold off last week down to its daily Decision Support area at 9936.  Although the bounce may continue into this coming week, the stock market continues to be on shaky ground.

We have had several additional Hindenburg Omen signals.  Although more signals does not increase the likelihood of a market crash, it does tell us that the market internals continue to be unhealthy.  Once again, we have a 4 month window for this downside weakness to play out.

Market volume will probably continue to be low until after Labor day here in the States.  After Labor day passes, we should see volumes pick up again.  This should help with the intra-day follow through.

I have posted 2 charts with analysis from the MTPredictor Elliott wave and Fibonacci trading software for stocks, commodities, futures and forex.  The first shows the support area we have come into in the Dow with the final current daily DP target beneath that.

The second chart is the current daily Gold trade.  Gold has pushed through its daily DP resistance and has a daily target up at 1280.

Finally,  I will be traveling for the next few days so I don’t expect to post much past this weekends update.

*Click twice to enlarge

Daily Dow Targets

Daily Gold Targets

Tags: commodities, day trades, decision point, Dow, elliott wave, elliott wave software, fibonacci, fibonacci trading software, forex, futures, gold, hindenburg omen, mtpredictor, mtpredictor trading software, stocks, trading software

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