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Wednesday 24 July 2013

Stock Market Analysis

S&P 500 plunged from 1698 to 1684
Nasdaq also dropped from 3606 to 3578

Even Boeing dropped below 107 after posting strong earnings that beat expectations
It should at least stay above 107 today, but after breaking below, we're not so sure anymore
Apple & Ford are quite stable, but their prices are too high & we don't think they can go any higher
Not safe to buy at high prices & they might even drop later because they can't go up anymore

Google is on a roller coaster ride
Went up to 909, down to 902.4, up to 910 & down again
Resistance at 910 is strong, support should be at 900
Buy at support, sell at resistance

Stock market is quite unstable now, take advantage of its ups & downs using short term trades, especially on Google
However, selling should be our priority today as the market might go down even further, supports can be broken
S&P's rebound at 1688 was weak & is now below it, no signs of stronger rebounds yet
Nasdaq even broke below 3580

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