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Technical Tuesday - March 6, 2018
Technical Tuesday Update
Volume 2, Issue 8
March 6, 2018
Download PDF Version here
Items of Interest:
- The S&P 500, Nasdaq Comp., MDY and Russell 2000 are all in an area of resistance or retracement. We should know fairly soon if these indices can break through or not.
- The Dow Transports are holding up well into support while the Utilities are pausing at its initial downside target.
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The CAC, DAX and Spain’s IBEX remain in a very weak position and we continue to be cautious. Italy’s FTSE MIB is also weak as it trades below the 2015 highs. Monthly momentum about to turn down.
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Nikkei is holding support. We continue to find good ideas in this market. We remain cautious the Kospi as the monthly uptrend has been broken and momentum continues to weaken.
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We would hold off on adding to Brazil as the Ibovespa is in an area of resistance.
- The U.S. dollar remains in a weak position and we see potential to the 85 area
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