domingo, 2 de septiembre de 2012

S&P 500 and Nasdaq 100 bearish divergence

By Colin Twiggs
August 28th, 2012 1:00 a.m. ET (3:00 p.m. AET)

These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.


The S&P 500 Index continues to test resistance at 1420. Bearish divergence on 21-day Twiggs Money Flow warns of medium-term selling pressure. Expect a test of the lower trend channel; reversal below 1380 would indicate a correction. Breakout above 1420, however, would signal an advance to the 2007 high at 1560*.
S&P 500
* Target calculation: 1420 + ( 1420 - 1280 ) = 1560
The Nasdaq 100 is similarly testing resistance at 2800 on the weekly chart. Breakout would offer a target of 3150*. The 63-day Twiggs Momentum trough above zero indicates continuation of the primary up-trend, but reversal below zero would warn of a primary down-trend.
Nasdaq 100
* Target calculation: 2800 + ( 2800 - 2450 ) = 3150
Fedex is testing support at $88, neckline of the March/April double top. Failure of support would suggest continuation of the primary down-trend; confirmed if support at $84 is broken.
Fedex

Canada: TSX60 buying pressure

The TSX 60 is testing resistance at 700 on the weekly chart. Penetration of the descending trendline suggests that a bottom is forming. Oscillation of 13-week Twiggs Money Flow above zero indicates buying pressure. Follow-through above 700 would test primary resistance at 730. Reversal below 680 is unlikely, but would re-test primary support at 640.
TSX 60
* Target calculation: 730 + ( 730 - 640 ) = 820

More....

Australia: ASX 200 meets resistance

Asia: India rises but China, Japan bearish

European buying pressure

Gold breaks out on dollar weakness

Bob Janjuah: Time For Action, Warning Over - Business Insider



To live well differs from living extravagantly: for the first comes from moderation and sufficiency and good order and propriety and frugality; but the other comes from intemperance and luxury and want of order and want of propriety.

~ Epictetus

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