Mid-Session Market Comment 03-10-2014

Major U.S. market indexes fell at the open and has been falling, they are down moderately now . Weak foreign stock markets have negative impact on today's U.S. stocks. China's trade went from surplus to deficit  caused the Shanghai index to fall nearly 3 percent and dragged down other Asian stock markets . European stock markets also fell across the board. German stock market fell 0.8 percent today, a follow through action from down nearly 2 percent last Friday. German stock market has formed a bearish Double Top technical pattern and will likely continue to come down near term.   Concerns over weakness in Asian and European economies and Ukraine situation remain unresolved ,it is reasonable for US stock to take a break from rising. Technically,  US stock followed through with last Friday's downward reversal today and looks like down side correction has begun. Dow has also formed a Double Top pattern.  Dow support is 16170, and resistance is 16500.