Technical Tuesday - February 27, 2018

publication date: Feb 27, 2018

Cerundolo Investment Research    

Technical Tuesday Update  

Volume 2, Issue 7
February 27, 2018

Download PDF Version here


Items of Interest:

 

US Markets

  • 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.

European Markets

Asian Markets

  • 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.

  • We remain cautious with the Kospi as price is below its monthly uptrend and momentum is turning down.

Emerging Markets

Commodity Markets

  • 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.

Currency Market

 

 

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