US markets tried to rally last week, but didn’t succeed to print new highs, with the exception of the Dow Industrials. The market appears heavy, but hasn’t really broken down yet, so a further grind to marginally higher highs is still possible. Let’s have a look at the S&P 500 (click for larger image): The… Continue reading At the breaking point
Tag: S&P 500
Key reversal levels for week of July 7, 2014
Comments for this week : * US markets have continued to push higher, while the UK and Germany are more cautious and continue to sit near major resistance levels. Weekly key levels remain bullish for stocks. * In the daily key levels all major stock indexes have followed the lead of the Nasdaq and are… Continue reading Key reversal levels for week of July 7, 2014
LT wave for July
Last month’s LT wave chart suggested weakness in stock markets. That didn’t pan out for the US indexes, but still the wave got most of the short term swings correct. I have embedded a S&P 500 chart for June, making it easier to see (click for larger image): The blue line did a fairly good… Continue reading LT wave for July
Is the bull exhausted?
The S&P 500 fell back towards 1920, as we had indicated last week, with other markets also pulling back from recent highs. Still, the Nasdaq closed out the recent lunar red period with a healthy 68 point gain, suggesting ongoing strength in the market. The Nasdaq is one of the indexes that has not exceeded… Continue reading Is the bull exhausted?
Not much time to write as I am on holiday, so only a quick update this week. Here is the current chart for S&P500 index (click for larger image): My technical indicators remain as flat as they can be. So this is a market that can go either way in the coming weeks. We have… Continue reading Quick update