Aug. 3 at 8:27 AM
Last week got slammed by Michigan and the Unemployment rate, which caused stocks to slip to lower levels and come back to support lines. On Monday we have Durable goods, CB Employment Trends Index, and Factory orders. Which can also be red, market became under Bearish pressure again. Bears willing to break uptrend by using doomsday scenarios based on negative data. We need to stay calm and have cold mind by following levels and trend targets. On Monday
$DJIA main resistance level is 43600 if it will be broken then we will have confirmation that 44000 will be broken for sure bearish pressure will be off the table. After the break of 44000
$DJIA will open move to 47000. Main target still 50000. Main support 43200 and 43000. As for
$SPY main resistance level 622 if it will be broken then we will have confirmation that
$SPY will be back to 639. After the break of 639
$SPY will open move to 650, Main target still 700. Main support 619 and 617