Key reversal levels for this week:
| Weekly | Current | Mode | Key (W) | MoM (W) | Weeks | % Ch. |
|---|---|---|---|---|---|---|
| Nasdaq | 4,000.98 | 3,758.37 | 8.29 | 49 | 29.52 | |
| S&P 500 | 1,775.31 | 1,718.10 | 7.75 | 54 | 25.35 | |
| Nikkei | 15,403.11 | 14,070.27 | 5.58 | 55 | 62.72 | |
| FTSE 100 | 6,440.00 | 6,629.66 | 1.38 | 0 | 0.00 | |
| DAX | 9,006.46 | 8,774.91 | 7.47 | 22 | 9.33 | |
| Bonds (TLT) | 103.21 | 107.46 | -2.09 | 30 | -10.92 | |
| Gold (spot) | 1,236.34 | 1,356.16 | -4.09 | 51 | -25.38 | |
| $EURUSD | 1.3741 | 1.3372 | 2.74 | 20 | 3.46 | |
| Oil (CL) | 96.60 | 101.33 | -4.66 | 7 | -1.31 |
(Legend: Mode: green = bullish, pale green = weak bullish – may have peaked, red = bearish, pink = mildly bearish – may have bottomed | Key: key reversal level | MoM indicator: green = rising, red = falling | Weeks: weeks since start of current bullish or bearish mode | % Ch: percent change since start of current mode | yellow box: changed direction)
(for more details about these key levels, see: https://lunatictrader.wordpress.com/key-reversal-levels/ )
(for information about the MoM indicator, see: https://lunatictrader.wordpress.com/2013/09/14/mom-indicator/ )
Important developments in the weekly key reversal levels:
* The picture continues to weaken for stocks. The FTSE 100 has fallen below its weekly key reversal level and for the Nasdaq we see weekly MoM turn down.
* No significant changes for bonds, gold, oil and EURUSD.
Daily key reversal levels as of today:
| Daily | Current | Mode | Key (D) | MoM (D) | Days | % Ch. |
|---|---|---|---|---|---|---|
| Nasdaq | 4,000.98 | 3,981.06 | 2.17 | 44 | 6.20 | |
| S&P 500 | 1,775.31 | 1,790.47 | -1.06 | 1 | -0.15 | |
| Nikkei | 15,403.11 | 15,171.13 | 1.02 | 23 | 6.02 | |
| FTSE 100 | 6,440.00 | 6,613.38 | -6.77 | 13 | -2.96 | |
| DAX | 9,006.46 | 9,159.87 | -5.02 | 2 | -0.29 | |
| Bonds (TLT) | 103.21 | 104.05 | -2.20 | 27 | -1.65 | |
| Gold (spot) | 1,236.34 | 1,268.39 | -1.15 | 28 | -5.74 | |
| $EURUSD | 1.3741 | 1.3581 | 6.24 | 15 | 1.43 | |
| Oil (CL) | 96.60 | 95.53 | 5.05 | 7 | -0.75 |
(Legend: Mode : green = bullish, pale green = weak bullish – may have peaked, red = bearish, pink = mildly bearish – may have bottomed | Key: key reversal level | MoM indicator: green = rising, red = falling | Days: days since start of current bullish or bearish mode | % Ch: percent change since start of current mode | yellow box: changed direction)
(for more details about these key levels, see: https://lunatictrader.wordpress.com/key-reversal-levels/ )
(for information about the MoM indicator, see: https://lunatictrader.wordpress.com/2013/09/14/mom-indicator/ )
Important developments in the daily key reversal levels:
* The S&P 500 and the DAX have joined the FTSE 100 by going into declining mode (red). The Nasdaq and the Nikkei are coming close to doing so as well. It’s too early to buy as daily MoM remains down for all covered stock indexes.
* Bonds (TLT) have seen daily MoM turn back upwards, so have survived another test of the 102 bottom level, at least for now.
* Gold continues to build a base just above 1200. MoM is to the upside, so if gold can close above its daily key reversal at 1268.39 then a further rally becomes likely.
* For oil we see daily MoM turn down, probably just a consolidation after its recent gains.
Our current key target zones (we use a +/-1% zone around these targets):
| Key Targets | Top1 | Top2 | Bottom1 | Bottom2 |
| Nasdaq | 4200 | – | 3530 | 3210 |
| S&P 500 | 1820 | 1870 | 1576 | 1522 |
| Nikkei | 15850 | 17220 | 12710 | 10450 |
| FTSE 100 | 6800 | 7150 | 6205 | 6110 |
| DAX | 9480 | 9800 | 7870 | 7210 |
| Bonds (TLT) | 111.80 | 128.50 | 102 | 96.25 |
| Gold (spot) | 1448 | 1540 | 1215 | 1153 |
| EURUSD | 1.3950 | 1.42 | 1.2870 | 1.2350 |
| Crude Oil(CL) | 105 * | 113 * | 89.50 | 86.00 |
(* = new target )
(for more details about these key targets, see: https://lunatictrader.wordpress.com/2013/08/20/key-target-levels/ )
Important developments last week:
* A new Top1 target for Crude Oil at 105, with a refined Top2 target at 113.
* Bonds (TLT) continues to sit just above its Bottom1 target at 102. That level may not hold much longer and I would start looking for the Bottom2 target at 96.50
* EURUSD is closing in on its Top1 target
PS: if you are looking for key reversal levels for other world markets or individual stocks, then check out my Twitter account.
Good luck,
Danny
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