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Technical Tuesday - January 2, 2018
Technical Tuesday Update
Volume 2, Issue 1
January 2, 2018
Download PDF Version here
Items of Interest:
- The S&P 500, MDY, Russell 2000, SMH, Dow Utilities and XLK have achieved important target zones where the odds have increased for a pause/pullback to occur. The Dow Transports is very close to its target zone.
- The S&P 500 Growth vs. Value relative chart continues to show signs of weakness and favoring value.
- The XLK is very extended from support and its 200 day average. The ETF recently hit it MFU-5 target which is something that happens about 5% of the time. Caution is warranted.
- The Nikkei remains on target for 24500.
- Hang Seng has accelerated momentum and continues to look very good.
- The Kospi 100 achieved its long-term target and looks poised for a pullback.
- The Aussi All Ordinaries is close to its near-term target where a pause can take hold.
- EEM continues to pause at its target zone.
- The India INP index is emerging from a consolidation phase and looks poised to move higher.
- Gold and Silver have turned up from an important support area and there is potential for a strong leg higher.
- Copper continues to look bullish and is on target for $3.50.
- Brent Oil has emerged from a 2.5 year base and is on target for 74.80.
- Our July call on Crude Oil continues to look bullish and on target for $63 short-term and $67 intermediate-term.
- The U.S. Dollar index, DXY has broken important support and headed for 90.
- China’s Yuan Renminbi has also broken support and has a target of 6.4.
Please note that some of these charts will have colored boxes that highlight target zones labeled MFU 2,3 or 4. These zones are generated from a proprietary supply /demand model which I have used for over 25 years. These zones will highlight areas where the probability of a pause or significant change in trend can occur and these targets are generated off short and very long-term timeframes. This is not for day trading. Note also that the MFU3 and MFU 4 targets offer the highest probability for a turn in trend.
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