Here are our key reversal levels for next week.
Notice how the key levels have changed from last week. They typically go up (or down) with the market.
| Status | Key (W) | Mode | Key (D) | |
| Nasdaq | BULL | S: 3233 | DECLINE | R: 3456 |
| S&P 500 | BULL | S: 1534 | DECLINE | R: 1644 |
| Nikkei | BULL | S: 11891 | DECLINE | R: 13926 |
| FTSE 100 | BULL | S: 6229 | DECLINE | R: 6571 |
| DAX | BULL | S: 7795 | DECLINE | R: 8276 |
| Bonds (TLT) | BEAR | R: 119.72 | DECLINE | R: 116.43 |
| Gold (spot) | BEAR | R: 1543 | DECLINE | R: 1411 |
| Euro/US$ | BULL | S: 1.2943 | RALLY | S: 1.3062 |
| Crude Oil(CL) | BULL | S: 91.15 | RALLY | S: 93.70 |
(Legend: W = weekly, D = daily, R = resistance, S = support, * = change from previous week/day)
Most major stock markets are in declining mode, and some of them are coming close to their weekly reversal levels now. This is the case for Nikkei, FTSE 100 and DAX. So we have to watch them carefully, as a weekly close below their support levels would switch them into bear status.
I am going to set up a fixed page on the blog, explaining the ins and outs of these key reversal levels.
Stay tuned,
Danny
LunaticTrader 