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Excerpts from recent newsletters:
Smart Trades Update 1.26.12
Yesterday I said:
"Near term targets are INX 1330-1335 with 1334 being ideal."
Today's high was 1333.47. The exact short term count is not clear right now, but selling against the upper channel is
probably a good strategy. 1334-1335 should continue to be resistance, 1295 - 1306 should be support. A break of
1295 could indicate a larger top is already in place, but I don't favor that happening *yet*.
The count that best explains a top now has a wave "v" that is too short on a relative basis to the rest of the pattern.
Once again here is my new favored longer term count as posted yesterday.
The Nasdaq can better count as complete to the upside. On 1.24.12 I said:
"Basis cash NDX 2475 is possible in a "i=v" (not labeled) pattern. "1=5" is 2497."
Today's high in the NDX was 2479.31. Nasdaq breadth basis ADVQ did not confirm today's new high, but so far the
uptrend channel is still intact. Support, and a possible breakdown point if it's taken out, is 2400-2423:
Apple still looks like it's topping, but it could retest 455 again in an ideal pattern termination:
Yesterday I said: "The Euro's big test will be 1.3200." Today's high was 1.3186. The 1.3200 area remains important resistance:
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All Charts & Quote Pages in this publication made with Omega Trade Station (r) 8
This post is for educational purposes only.
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All Charts & Quote Pages in this publication made with Omega Trade Station (r) 8
All content is for educational purposes only.
TRADE AT YOUR OWN RISK!
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TRADE AT YOUR OWN RISK.
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