Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia. He runs training, analysis and resource workshops for retail and professional financial market traders involved in stocks, CFDs, warrants, derivatives, futures and commodities in China, Malaysia, Singapore and Australia. He has his own trading company, guppytraders.com.
Will Friday's meeting at Jackson Hole dig markets deeper into a hole, or get the U.S. out of one? The early signs will come from the Nasdaq, rather than the Dow and the index could tumble if the results of the meeting disappoint.
Downside targets on the Dow are 10600 with a long-term potential at 9700. Downside targets on the Nasdaq are 2370 (already exceeded) with longer-term targets near 2100. Downside targets on the S&P 500 are 1130 (already exceeded) with longer-term targets between 950 and 1000.
The S&P 500 is a broader measure of market activity. A break above 1,360 is required before a new uptrend is confirmed.
Drawing accurate trend lines lies at the heart of chart analysis. It looks easy but accurate trend line placement is more difficult than it appears at first glance. Accurate trend line placement, based on well-defined rules is the foundation of more complex analysis techniques. It is also the foundation of stop loss and risk management
The recent pullback towards 1.10 suggests that bearish pressure is building on the euro-dollar.
The yellow metal's dramatic fall from $1,340 to below $1,260 is a break-and-enter theft on a grand scale.
The outlook for oil prices remains bullish, both on the chart and in the economy.
More people are dabbling in technical analysis without really understanding what is involved.
Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia.