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Technical Tuesday - September 11, 2018
Technical Tuesday Update
Volume 2, Issue 31
September 11, 2018
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- The recent pullback in the Nasdaq Composite and S&P 500 held above support and continue to remain in their well defined uptrends. We continue to favor the Russell 2000 and MDY as those trends and upside targets remain firmly in place. The Dow Transports have strengthening momentum and we see more upside as well. The industrials have had a very good absolute and relative improvement and we suggest adding to this sector. We will be following up with a global sector piece very soon.
- The CAC and DAX continue to carve out distributive top patterns and Spain’s weakness continues.
- Japan’s Nikkei continues to hold up very well and the Hang Seng is very close to its initial target area.
- Continued caution. China’s Shanghai Composite is very close to its initial target and India’s Nifty 50 has started to turn down from the resistance zone outlined in our August 17 report. The Singapore Straits Times Index is already down 14% from the most recent high, but we see another leg lower underway.
- Crude continues to look positive while gold has no clear signs yet of a turn.