Mid-Session Market Comment 03-11-2014

Major U.S. market indices opened this morning with small gains, then moving lower, they are now turning negative. Steady foreign stocks provided support to the US stock market. Analysts positive comments on Apple's also helped . However, high investor complacency, German stock market has formed bearish Double Top pattern, weak Chinese Shanghai Composite Index, coupled with unresolved situation in Ukraine are factors that negatively impacting the US market. Technically, two days ago, the Dow rose to only 80 points away from a record high of 16588 but stopped and started pulling back and is forming a bearish Double Top pattern. So there's a good chance that the market will continue to correct down in the near term. Dow support is 16170, and  resistances are 16500 then 16588.