LunaticTrader

Investing with the Moon

Key reversal levels for week of May 12, 2014

Posted by Danny on May 11, 2014

Comments on the key levels for this week :

* Little change in our weekly key levels for major stock indexes. For Nikkei we have MoM turning down, which indicates a continuation of bearish mode, now in its 8th week.

* On the daily level the Nasdaq and Nikkei remain in bearish mode, while the DAX is back to fully bullish. The FTSE100 is once again stagnating near its Top1 target at 6800.

* In other world markets Hong Kong is turning bearish on the weekly level.

* Gold tried to go into rally mode, but quickly dropped back and ended the week barely above its weekly key reversal level. A weekly close below $1280.53 would turn this market fully bearish again.

* The Euro also tried to break out to the upside and was pushed back immediately, ending the week just above its key reversal level. As we have been telling for weeks, the next major move of the Euro will also decide the next move in several other markets like gold. So, we keep watching.

* Our weekly key reversal levels for the 30 Dow stocks are available here. 24 stocks are bullish this week, up from 23 last week. Above 20 is healthy, see : Keeping an eye on the Dow stocks.

***

Here are the tables.

Key reversal levels for next week:

Weekly Current Mode Key (W) MoM (W) Weeks % Ch.
Nasdaq 4,071.87 3,983.33 -1.48 70 31.81
S&P 500 1,878.48 1,800.68 2.82 75 32.63
Nikkei 14,199.59 14,933.43 -2.21 8 -0.38
FTSE 100 6,814.60 6,604.04 0.61 1 -0.11
DAX 9,581.45 9,163.70 0.79 6 -0.42
Bonds (TLT) 111.24 107.16 4.73 15 4.27
Gold (spot) 1,288.30 1,280.53 0.01 12 -2.27
$EURUSD 1.3759 1.3693 1.52 41 3.59
Oil (CL) 99.99 98.43 1.20 12 -0.13

(Legend: Mode: green = bullish, pale green = weak bullish – may have peaked, red = bearish, pink = mildly bearish – may have bottomed | Key: key reversal level | for more details about these key levels, see: https://lunatictrader.wordpress.com/key-reversal-levels/ )

Latest daily key reversal levels:

5/9/2014 Current W Mode Key (D) MoM (D) Days % Ch. Str. #
Nasdaq 4,071.87 4,135.91 -1.29 33 -4.25 7
S&P 500 1,878.48 1,864.56 1.11 16 0.90 2
Nikkei 14,199.59 14,464.57 -1.83 20 -1.64 15
FTSE 100 6,814.60 6,706.09 6.23 12 1.99 18
DAX 9,581.45 9,433.41 1.59 12 -0.22 17
Bonds (TLT) 111.24 110.69 3.91 23 2.27 2
Gold (spot) 1,288.30 1,306.39 -0.25 2 -0.12 7
$EURUSD 1.3759 1.3882 1.59 0 0.00 35
Oil (CL) 99.99 101.45 -2.85 10 -0.50 8

(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/ )

Our current key target zones (we use a +/-1% zone around these targets):

Key Targets Top1 Top2 Bottom1 Bottom2
Nasdaq 4390 4531 3975 3742
S&P 500 1870 1950 1755 1641
Nikkei 15650 17220 13860 12940
FTSE 100 6800 7250 6230 5980
DAX 9800 10240 8715 8510
Bonds (TLT) 111.80 114.60 102 96.25
Gold (spot) 1424 1541 1185 1075
$EURUSD 1.3950 1.42 1.3390 1.2870
Crude Oil(CL) 104 109.80 94.60 * 91.85

(* = new or updated target ) (for more details about these key targets, see: https://lunatictrader.wordpress.com/2013/08/20/key-target-levels/ )

Good luck, Danny

 

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