Mid-Session Market Comment 03-12-2014

Major U.S. market indices opened  down this morning, they then bounced and are now trading mixed. Leaders of the G-7 countries said they would not recognise Crimea weekend referendum result causes tension on the Ukraine situation again and is dragging down global stock markets. Germany, Britain and France stock markets have all formed bearish Double Top patterns while China's Shanghai index fell below its psychological support level of 2000 and is trending toward its five-year low of 1959. Weakness in European and Asian stock market is difficult for the US market to make an exception not to follow. As matter of fact the Dow has also formed Double Top. This weekend's Crimea became part of Russia referendum worry is an obstacle for the US market to move higher. So the odd favors continue weakness for the US stock market. Dow support is 16165, and  resistances are 16500  and 16588.