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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.
- 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.
As long as the U.S. Dollar index, (DXY) remains below 90, another significant leg down cannot be ruled out.
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