Technical Tuesday - January 2, 2018

publication date: Jan 2, 2018

Cerundolo Investment Research    

Technical Tuesday Update  

Volume 2, Issue 1
January 2, 2018

Download PDF Version here

Items of Interest:

US Markets

  • 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.

      European Markets

      • The DAX and CAC are in uptrends and testing support areas.

      Asian Markets

      • 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.

      Emerging Markets

      • EEM continues to pause at its target zone.
      • The India INP index is emerging from a consolidation phase and looks poised to move higher.

      Commodity Markets

      • 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.

      Currency Markets 

      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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