Latest daily key reversal levels:
(Legend: Mode : green = bullish, pale green = weak bullish – may have peaked, red = bearish, pink = mildly bearish – may have bottomed | Key: key reversal level | W: weekly mode | for more details about these key levels, see: https://lunatictrader.wordpress.com/key-reversal-levels/ )
Comments:
* S&P 500, FTSE 100 and DAX have closed above their key reversal levels yesterday and are thus back into rally mode. This points to a continuation of the bull market. The Nikkei continues to lag.
* It remains to be seen if the rally will be strong enough to turn also the weekly MoM back to the upside. When that happens we will be back to a fully bullish picture for most stock markets.
* Gold is now testing its Top1 target at $1298. I would expect some selling to emerge at that level. If gold can close the week above $1303.82 then it will go bullish for the first time in more than a year.
PS: if you are looking for key reversal levels for other world markets or individual stocks, then follow me on Twitter.
Danny
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