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A quick update of the chart I first presented last June, and in an updated version last August. It is now updated for monthly Dow closes until December 2013 (click for larger image): The correlation with 1920s bull market remains very high, and has actually increased again since the August update. The correlation is now
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Not a strong start for stocks this year, but so far the downside action is limited and the markets are going mostly sideways. This refusal to go down can be seen as a sign of strength. Or is it the proverbial silence before a storm? Let’s have a look at the S&P 500 (click for
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Key reversal levels for this week: Weekly Current Mode Key (W) MoM (W) Weeks % Ch. Nasdaq 4,174.67 3,834.56 8.16 53 35.14 S&P 500 1,842.37 1,752.02 7.43 58 30.08 Nikkei 15,912.06 14,684.32 7.98 59 68.10 FTSE 100 6,739.90 6,541.16 1.25 2 -0.16 DAX 9,473.24 8,936.79 6.78 26 15.00 Bonds (TLT) 104.41 106.56 -2.83 34 -9.88
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Stock markets have started the new year by going down. We already warned last week that the start of 2014 was likely to be disappointing and that appears to be panning out. We are now entering a lunar red period, so I think the weakness in stocks is going to continue a while longer. Here
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Key reversal levels for this week: Weekly Current Mode Key (W) MoM (W) Weeks % Ch. Nasdaq 4,131.91 3,817.78 8.19 52 33.75 S&P 500 1,831.37 1,743.93 7.55 57 29.30 Nikkei 16,291.30 14,555.31 8.00 58 72.10 FTSE 100 6,730.70 6,522.84 0.79 1 -0.30 DAX 9,435.15 8,896.79 6.89 25 14.53 Bonds (TLT) 102.17 106.72 -3.10 33 -11.82
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Here are the monthly key reversal levels going into January 2014: Monthly Current Mode Key (M) MoM (M) Months % Ch. Nasdaq 4,176.58 3,307.92 8.99 49 93.16 S&P 500 1,848.36 1,531.01 8.45 23 40.83 Nikkei 16,291.30 12,309.63 8.45 12 53.63 FTSE 100 6,749.10 6,150.57 4.43 13 15.04 DAX 9,552.16 7,703.62 7.89 22 39.82 Bonds (TLT)
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It looks like we are ending the year very close to the high targets we pointed out in late November. 4200 for the Nasdaq, 1850 for the S&P 500, and 16500 for the Dow Industrials are important top targets based on some of my methods and also happen to be the level of overhead resistance
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Key reversal levels for this week: Weekly Current Mode Key (W) MoM (W) Weeks % Ch. Nasdaq 4,156.58 3,797.02 8.11 51 34.55 S&P 500 1,841.40 1,734.06 7.21 56 30.01 Nikkei 16,178.94 14,360.49 6.90 57 70.92 FTSE 100 6,750.89 6,499.67 0.42 0 0.00 DAX 9,589.38 8,853.05 6.89 24 16.41 Bonds (TLT) 101.81 107.04 -2.65 32 -12.13
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The stock market pullback bottomed out last Wednesday and subsequently we saw major indexes catapult back to new highs within days. Bull markets have this habit of continuing longer and further than most traders expect. Those who bet against it are actually providing a good portion of the fuel that continues the uptrend longer than
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Key reversal levels for this week: Weekly Current Mode Key (W) MoM (W) Weeks % Ch. Nasdaq 4,104.74 3,774.47 8.10 50 32.88 S&P 500 1,818.31 1,723.73 7.28 55 28.38 Nikkei 15,870.41 14,183.39 5.84 56 67.66 FTSE 100 6,606.60 6,628.19 0.44 1 2.59 DAX 9,400.17 8,797.28 6.73 23 14.11 Bonds (TLT) 104.25 107.25 -2.30 31 -10.02
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