Today we will analyze the index MAJOR MARKET INDEX USA (XMI) for internet stock trading in the INDICES stock market,
Stock Technical indicators to notice in MAJOR MARKET INDEX USA (XMI)
1- Last bullish trend was from 1,394.13 $ (4/10/2012) to 1,449.88 $ (5/1/2012) a 55.75 $ move 2- The current bearish trend started from 1,449.88 $ at 5/1/2012 and is currently trading at 1,403.37 $.
3- XMI current support level is at 1,394.13 which is the 100.00 % fibonacci retracement of the last 55.75 $ move.
4- XMI current resistance level is at 1,415.43 which is the 61.80 % fibonacci retracement of the last 55.75 $ move.
5- According to ADX Indicator, the trend is currently bearish, which is getting stronger.
MAJOR MARKET INDEX USA (XMI) Short term stock chart patterns for internet stock trading :

6- The Index formed Double Top Pattern at 1,449.880 .
7- The Index formed a 166.750 $ height triangle which was broken down at 1,413.260, target of the pattern is 1,246.510.
MAJOR MARKET INDEX USA (XMI) Mid term stock chart patterns for internet stock trading :

8- The Index traded in a bullish stock channel identifed by support at 1,225.410 and 1,175.480,resistance between 1,336.320 and 1,280.360, the stock channel is currently supported from below by 1,373.886 and resisted from above by 1,516.484.
MAJOR MARKET INDEX USA (XMI) Long term stock chart patterns for internet stock trading :

9- The Index was supported by a support line, identified by two points: 1,175.480 and 1,067.220, and is currently supporting at 1,227.212.

Stock Trading Conclusion:
MAJOR MARKET INDEX USA (XMI) was trading in a bearish wave, which is becoming stronger .
Technical indicators and stock chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy in online trading .

Stock Resistance Levels : 1,414.35, 1,415.43, 1,421.14, 1,422.01, 1,423.67, 1,426.63, 1,428.58, 1,432.11, 1,436.72, 1,448.65, 1,449.88,.
Stock Support levels : 1,394.13, 1,378.97, 1,359.68, 1,246.51,.