Guards Up

The DJIA, SP500 and Nasdaq 100 all bounced off the 50 SMA supports last week and approaching the September high. Next week third quarter earnings report will start and it is also option expiration week. Many stocks on my watch list are either near resistance level or hit resistance. Having the DJIA and SP500 getting near the 10,000 and 1,100 level respectively, I will be putting my guards up for the fakeouts that could take place for many stocks and indices. Once again, I am being very cautious on the long side, but not ready to take the short positions.

Here are the updated charts for the DJIA, SP500, and Nasdaq 100: