Key reversal levels for week of July 15, 2013
Posted by Danny on July 13, 2013
Our key reversal levels going into next week:
|Status||Key (W)||Mom (W)||Mode||Key (D)||Mom (D)|
|Nasdaq||BULL||S: 3271||Up *||RALLY||S: 3444||Up|
|S&P 500||BULL||S: 1554||Up *||RALLY||S: 1626||Up|
|Nikkei||BULL||S: 12324||Up *||RALLY||S: 13694||Up|
|FTSE 100||BULL||S: 6227||Up *||RALLY||S: 6358||Up|
|DAX||BULL *||S: 7785||Down||RALLY *||S: 8015||Up|
|Bonds (TLT)||BEAR||R: 116.98||Down||DECLINE||R: 111.20||Up *|
|Gold (spot)||BEAR||R: 1462||Down||DECLINE||R: 1294.40||Up|
|Euro/US$||BEAR||R: 1.3188||Down||DECLINE||R: 1.3102||Up *|
|Crude Oil(CL)||BULL||S: 92.46||Up||RALLY||S: 98.77||Up|
(Legend: W = weekly, D = daily, R = resistance, S = support, Mom = momentum, * = change from previous week/day)
* The Dax has joined the other stock markets into bull status and rally mode by closing above its key resistance levels.
* The weekly momentum is now up for all covered stock markets, except the Dax, which remains in downward weekly momentum.
* Bonds (TLT) has entered upward daily momentum again, so it could go on to challenge its daily key resistance at 111.20 next.
* Gold tested its daily key resistance level last week, but failed to close above it, so it’s too early to declare rally mode. It now needs a close above $1294.40
* The Euro/US$ has shifted into upwards daily momentum, and tested its daily key reversal. It also failed to close above it, so remains in declining mode.
* Crude Oil has continued to rally strongly. We now wait for daily momentum to turn down, which would be the first sign to take some profits in oil.