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Technical Tuesday - April 24, 2018
Technical Tuesday Update
Volume 2, Issue 13
April 24, 2018
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US Markets
- Not much has change with most global indices as we remain cautious. The S&P 500, Nasdaq Comp., MDY, Russell 2000 and Dow Transports have reversed from areas of resistance. A number of these indices, especially the Nasdaq Comp. appears to have a distributive top in place and one could argue a head & shoulders top at that. With downside momentum building, we are focusing on negative Money Flow Units from here. The Dow Utilities have held up well and we some a bit more strength there.
European Markets
- No change here. We remain cautious the European markets and believe the recent short-term strength has run it’s course. Italy’s FTSE MIB has been very resilient and now testing the 2015 highgs.
Asian Markets
- The Nikkei has hooked up nicely from support and we see near-term strength. China’s Shanghai Composite remains very vulnerable from here and we see more near-term weakness in the Kospi 100.
Emerging Markets
- The Ibovespa is back in an area of resistance and likely to weaken once again.
Commodity Markets
- Crude Oil and Gold remain favorable in our work.
Currency Markets
- The U.S. Dollar had a short burst of strength in recent days, but the intermediate to long-term trend remains weak.