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Technical Tuesday - February 27, 2018
Technical Tuesday Update
Volume 2, Issue 7
February 27, 2018
Download PDF Version here
Items of Interest:
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Some market indices have retraced quite a bit of the recent 10% decline which is to be expected after a fast move down, with the Nasdaq Composite being the strongest. We do have a negative momentum divergence for the Nasdaq on the daily timeframe as well as a turning point “ellipse” indicator highlighting an area of a potential turn.
The S&P and MDY are in between the .50 and .618 retracement zones, an area of resistance.
The Dow Utilities have bounced from the initial target we highlighted a number of weeks back. We expect the current rally to fail.
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In Europe, the CAC, DAX and Italy’s FTSE MIB have had a weak rally off the recent low. Spain’s IBEX, which we recently wrote up in an alert note, looks vulnerable to more weakness.
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In Asia, the Nikkei has pulled back to an area of support. We may find a period of choppy trading near-term, but we continue to find a number of long ideas with favorable absolute and relative trends. Let us know if you are interested in the most recent chart packet with long ideas.
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We remain cautious with the Kospi as price is below its monthly uptrend and momentum is turning down.
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The EEM has recovered nicely and back above trend support. The Russian (RSX) ETF looks poised for a move higher.
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We are looking to get long Crude Oil once again. After pulling back from it’s initial target of $67, we are looking for an entry level and for a potential move to the mid $70s’. This will be a process and we will keep you abreast of how this unfolds.
- The U.S. 10-yr. yield is on target for 3.03%
US Markets (Back to Top)
European Markets
Asian Markets (Back to Top)
Emerging Markets (Back to Top)
Commodity Markets (Back to Top)
Currency Markets (Back to Top)