Key reversal levels for week of July 8, 2013
Posted by Danny on July 8, 2013
Our key reversal levels going into next week:
|Status||Key (W)||Mom (W)||Mode||Key (D)||Mom (D)|
|Nasdaq||BULL||S: 3255||Down||RALLY||S: 3406||Up|
|S&P 500||BULL||S: 1548||Down||RALLY *||S: 1612||Up|
|Nikkei||BULL||S: 12202||Down||RALLY||S: 13368||Up|
|FTSE 100||BULL *||S: 6222||Down||RALLY||S: 6315||Up|
|DAX||BEAR||R: 8082||Down||DECLINE||R: 8105||Up|
|Bonds (TLT)||BEAR||R: 117.81||Down||DECLINE||R: 112.60||Down *|
|Gold (spot)||BEAR||R: 1479||Down||DECLINE||R: 1306||Up|
|Euro/US$||BEAR *||R: 1.3188||Down||DECLINE||R: 1.3130||Down|
|Crude Oil(CL)||BULL||S: 91.77||Up||RALLY||S: 95.78||Up|
(Legend: W = weekly, D = daily, R = resistance, S = support, Mom = momentum, * = change from previous week/day)
* Most stock markets are in rally mode again and the daily momentum remains up. The FTSE 100 has closed above its weekly key and is now in bull status.
* Only the German DAX index is lagging and has not yet made it above its key reversal levels, although its daily momentum is still up.
* The weekly momentum remains down for all stock markets, which means more strength is needed before we can declare the recent market correction over.
* Bonds (TLT) has seen its daily momentum turn down again, which means it is too early to declare a short term bottom.
* Gold is seeing its first positive sign in a long time, as its daily momentum has turned up last week. This means there is a good chance it will go on to test its daily key reversal level, which is currently at $1306. A close above that level would mean gold has entered rally mode. A failure to close above its daily key reversal in the coming weeks will mean that the decline is ongoing.
* The Euro has weakened further and closed the week below its key support, which means it is now in bear status.
* Oil has continued to rise and remains positive on a weekly and daily basis.