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Technical Tuesday - January 23, 2018
Technical Tuesday Update
Volume 2, Issue 3
January 23, 2018
Download PDF Version here
Items of Interest:
- Strong momentum has pushed a number of indices above their Money Flow Unit targets and areas of definable support such as the SPX, MDY, Nasdaq Comp., Russell 2000 and SMH.
- The Dow Utilities have pullback 10% from the MFU-4 target and is now oversold. Would not play the bounce.
- European indices look more interesting to us as many have just recently emerged from consolidation patterns and look poised to move a lot higher. This area interests us quite a bit as we don’t have very extended charts such as the CAC 40, DAX, FTSE MIB and IBEX.
- The Nikkei is very close to its target of 24500. Avoid adding here for now until we see how the index trades in this zone.
- Kospi is consolidating from the MFU-4 target and we suspect this can be setting up for another leg higher.
We will be adding to the country and ETF coverage in this report and in so doing, we will be creating a separate currency and commodity report. For now, the U.S. dollar continues to look very weak with both the Euro and GBP looking to have more upside. Gold continues to look favorable and we reiterate our target of $67 on Crude Oil.
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