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Technical Tuesday - January 30, 2018
Technical Tuesday Update
Volume 2, Issue 4
January 30, 2018
Download PDF Version here
Items of Interest:
- The SPX, Nasdaq Comp., MDY and Dow Transports have all rallied to the upper end of their respective trend channel and have reversed.
- Dow Utilities had the failing rally we were looking for. Another leg lower is expected.
- The DAX and Spain's’ IBEX is pulling back to support in an orderly fashion. Uptrends intact.
- Nikkei 225 is within the zone of its MFU-4 target which was generated off the base of 2009—2010. This is a zone to expect a pullback.
- After achieving the MFU-4 target in November of 2017, the Kospi continues to consolidate in a trading range.
- Crude Oil got within spitting distance of our $67 target which was generated of the July 2016 low. The recent high was $66.66, close enough for us to move to a neutral position. Please note that this target hit a MFU-3 zone and there is a higher target which we have not published yet but will look to do so once we see the reaction off the recent high.
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As long as the U.S. Dollar index, (DXY) remains below 90, another significant leg down cannot be ruled out.
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