This Stock Market Hours Report is brought to you by Jason Ng, Founder, Master ‘O’ Equity

As I have expected, the 14000 points resistance level proved to be a strong one and one that caused a huge 149.33 points depression in the Dow. Looking at the internals last Friday, individual stocks fell by a greater magnitude. As I have mentioned before, trading this high above the weekly 30MA makes the Dow extremely short term overbought and will only lead to a correction back down to it and it looks like it is happening now. Immediately support level is probably at the 13650 level, which looks like a shallow decline. This week’s prime mover will be the GDP numbers. Will the numbers indicate a growing or slowing economy this time round? Only this Friday will know.

Thought For The Day : “Every Morning Marks A Brand New Beginning”

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