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Zak Mir on the Major Indices after September’s nonfarms

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By Zak Mir.

 

After the September Payrolls: FTSE 100, Dow, S&P500

FTSE 100: 

  • October bear trap from below rising 200 day moving average echoed similar brief trap in June.
  • Initial consolidation expected at and above the former September 6,659 peak.
  • Best case scenario for end of 2013 currently a top of 2013 price channel target of 7,200.
  • Only below 6,600 on a weekly close a threat to the optimism. 

 Dow: 

  • Near perfect 200 day moving average rebound for October adding to the August bear trap rebound.
  • Similar progress expected for October / November to April / May ascent.
  • “Minimum” upside seen at May resistance line projection of 15,800
  • Best case scenario for year end 2013 as high as 17,500.
  • Only below 50 day moving average at 15,163 currently threatening bull argument. 

S&P:

  • Leading the Dow higher having broken equivalent May resistance line.
  • Likely consolidation at and above former August 1,729 peak.
  • The longer the index holds former 2013 the greater the chance of a best case scenario target of 1,900 by the end of the year.

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