Markets broke down yesterday. This means the window for potential new highs is now going to be closed for a while. Looking for possible downside targets, this chart can become useful (click for larger image): The important green trend line was now clearly broken again, and this means the first support should come at the… Continue reading Downside targets for the S&P 500
Tag: Nasdaq
Room for another record high
The market came under some pressure last week, but still ended the lunar green period with a respectable 55 points gain on the Nasdaq. It looks like stock markets are ripe for an autumn correction, and the failure to build on gains last week is a warning sign. Is the decline getting started now? Let’s… Continue reading Room for another record high
Key reversal levels for week of August 12, 2013
Our key reversal levels going into next week: Status Key (W) Mom (W) Mode Key (D) Mom (D) Nasdaq BULL S: 3375 Up RALLY S: 3597 Down S&P 500 BULL S: 1586.80 Up RALLY S: 1675.70 Down Nikkei BULL S: 12623 Down * DECLINE R: 14207 Down FTSE 100 BULL S: 6296 Up RALLY… Continue reading Key reversal levels for week of August 12, 2013
Quick mid-week update
Yesterday gold closed below its daily key reversal level, which puts it in decline mode again. This means gold could now go on to retest the June lows. The daily key reversal for gold is now at $1315.30, so it takes a close back above that level to switch into rally mode again. Stock markets… Continue reading Quick mid-week update
To the summit
US markets have pushed into new high territory once again. Many other indices are close to doing so. With another week of lunar green period to go, we are in the position where we could get to an important peak. Here is the Nasdaq chart (click for larger image): Major overhead resistance is around 3770,… Continue reading To the summit
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