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Key reversal levels for week of July 29, 2013

Posted by Dan on July 27, 2013

Our key reversal levels going into next week:

Status Key (W) Mom (W) Mode Key (D) Mom (D)
Nasdaq BULL S: 3314 Up RALLY S: 3533 Down
S&P 500 BULL S: 1571 Up RALLY S: 1662.30 Down
Nikkei BULL S: 12533 Up RALLY S: 14043 Down
FTSE 100 BULL S: 6267 Up RALLY S: 6487 Down
DAX BULL S: 7857 Up RALLY S: 8156 Down
Bonds (TLT) BEAR R: 115.82 Down DECLINE R: 109.63 Down
Gold (spot) BEAR R: 1439 Up RALLY S: 1285.50 Up
Euro/US$ BULL * S: 1.2952 Up RALLY S: 1.3066 Up
Crude Oil(CL) BULL S: 94.80 Up RALLY S: 103.13 Down

(Legend: W = weekly, D = daily, R = resistance, S = support, Mom = momentum, * = change from previous week/day)

Important developments last week:

* All covered stock markets are now in downward daily momentum.

* The Nikkei has been dropping towards its daily key level, and may go into declining mode if we get further downside action next week.

* For the US markets we have seen some down days since the daily momentum turned down, but the losses were recovered easily. This indicates the rally is still strong and daily momentum will probably turn back up if this strength continues next week.

* Daily momentum for bonds (TLT) has turned down again. But its weekly momentum is starting to flatten out and may turn up next week. Mixed signals means: wait and see.

* Gold has gone into rally mode by closing above its daily key on Monday. But it is only a bear market rally as long as gold stays below its weekly key level, currently at $1439.

* The Euro/US$ has gone into bull status again by closing above its weekly key. Key weekly support is now sitting at 1.2952

* Crude oil (CL) has seen its daily momentum turn down and appears on the way to test its daily key, currently at $103.13. If that level gets broken on a closing basis, then the next target becomes the weekly key at $94.80. It illustrates the merits of the trailing stop exit method we described last week.

Good luck,


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