AI
| Followers | 121 |
| Posts | 24039 |
| Boards Moderated | 0 |
| Alias Born | 02/20/2003 |
Wednesday, January 30, 2013 6:58:43 AM
Jan 30th - Wednesday - Market Outlook - It's all about 14,000 Dow - Employment Friday - Nose Bleed RSI on all indexes - Mid to High 70's
TOM - Turn of Month influence, Bradley Major Turn Date Today - Consumer Confidence dropped 8 points - FED meeting Wed.
HOLD LONG IS THE SIGNAL IN ALL INDEXES - The same disclaimers with all the overbought and high RSI comments. Looks like the old charge to 14,000. The last time we hit that number there was great Fed involvement in July of 2007. At the time, we started from a low of Dow 13259 and ended at 14021 in 21 days. Deja Vu all over again as Yogi would say. The old rally into earning, hit the big number and then sell off??? The main difference was that the Banks broke their 50 day MA and the rest was history. We are on 19 straight days of the markets buying the highs (See the NYHGH indicator) and the NAHL indicator, which has consistancly hitting what is normally a Top in the markets. The S&P had a bullish ascending triangle on the 15 min charts and broke above 1503.28 and has a new target of of 1515 SPX. That would line up with Dow 14,000. The Euro ignored the previous bearish formaton and was up today. The US Dollar has basically gone no where this year, it is currently 10 cents below the beginning of the year and has had no effect on stocks at all. The Transportation index continues it's parabolic move with a RSI a on the daily chart at 86 and the Russell has a 77 RSI . The NYAD chart on page 2 RSI dropped to 79 today, showing gerneral weakness inspite of the Dow and SPX climb. . The amount of stocks over the 200 day MA are at 82%. Most Indexes are fairly parabolic so that generally marks a TOP in the market. Sounding like a broken record with the same commentary for a week now. :)
The Major Turn Date is today + or - 4 days. 1486 on the S&P 500 would be the first target on the downside. The next targets down would be 1474 and 1448 on the SPX. Gaps support may be the over all target. Bears need a close under 868 on the Russell and 1448 on the SPX, which is gap support.
The AAII Sentiment Survey for Jan. 24th Bulls 52% and Bears 23%. Extreme levels on everyone of my top indicators, so you have to wonder if this will be a snow ball effect on the downside, when the markets retreat.
Apple is now on it's way to 378 with the ABC Down. AMZN missed UP $20. Consumer confidence dropped hard with the 2% increase in taxes. Confidence dropped from 66 to 58% which the market blew off with it's move towards 14,000.
The 1,5,15,30 minute charts are more for intraday trading only. Tradable Shorts or Long are not recommended to hold overnight.
DOW - Hold Long above 13887 - Tradable Short Below - Hold short below 13690
SPX - Hold Long above 1501- Tradable Short Below - Hold short below 1487 VIX - Neutral Signal
COMP - Hold Long above 3148 - Tradable Short Below - Hold short below 3130 NYUD - Buy Signal
QQQ - Hold Long above 67.03 - Tradable Short Below - Hold short below 67.03 NYAD - Buy Signal
RUT - Hold Long above 904 - Tradable Short Below - Hold short below 893 NAUD -Buy Signal
GLD - Hold Long above 162.17 Tradable Short Below - Hold Short below 160.77
Think Tank Charts
Santelli Rant
TOM - Turn of Month influence, Bradley Major Turn Date Today - Consumer Confidence dropped 8 points - FED meeting Wed.
HOLD LONG IS THE SIGNAL IN ALL INDEXES - The same disclaimers with all the overbought and high RSI comments. Looks like the old charge to 14,000. The last time we hit that number there was great Fed involvement in July of 2007. At the time, we started from a low of Dow 13259 and ended at 14021 in 21 days. Deja Vu all over again as Yogi would say. The old rally into earning, hit the big number and then sell off??? The main difference was that the Banks broke their 50 day MA and the rest was history. We are on 19 straight days of the markets buying the highs (See the NYHGH indicator) and the NAHL indicator, which has consistancly hitting what is normally a Top in the markets. The S&P had a bullish ascending triangle on the 15 min charts and broke above 1503.28 and has a new target of of 1515 SPX. That would line up with Dow 14,000. The Euro ignored the previous bearish formaton and was up today. The US Dollar has basically gone no where this year, it is currently 10 cents below the beginning of the year and has had no effect on stocks at all. The Transportation index continues it's parabolic move with a RSI a on the daily chart at 86 and the Russell has a 77 RSI . The NYAD chart on page 2 RSI dropped to 79 today, showing gerneral weakness inspite of the Dow and SPX climb. . The amount of stocks over the 200 day MA are at 82%. Most Indexes are fairly parabolic so that generally marks a TOP in the market. Sounding like a broken record with the same commentary for a week now. :)
The Major Turn Date is today + or - 4 days. 1486 on the S&P 500 would be the first target on the downside. The next targets down would be 1474 and 1448 on the SPX. Gaps support may be the over all target. Bears need a close under 868 on the Russell and 1448 on the SPX, which is gap support.
The AAII Sentiment Survey for Jan. 24th Bulls 52% and Bears 23%. Extreme levels on everyone of my top indicators, so you have to wonder if this will be a snow ball effect on the downside, when the markets retreat.
Apple is now on it's way to 378 with the ABC Down. AMZN missed UP $20. Consumer confidence dropped hard with the 2% increase in taxes. Confidence dropped from 66 to 58% which the market blew off with it's move towards 14,000.
The 1,5,15,30 minute charts are more for intraday trading only. Tradable Shorts or Long are not recommended to hold overnight.
DOW - Hold Long above 13887 - Tradable Short Below - Hold short below 13690
SPX - Hold Long above 1501- Tradable Short Below - Hold short below 1487 VIX - Neutral Signal
COMP - Hold Long above 3148 - Tradable Short Below - Hold short below 3130 NYUD - Buy Signal
QQQ - Hold Long above 67.03 - Tradable Short Below - Hold short below 67.03 NYAD - Buy Signal
RUT - Hold Long above 904 - Tradable Short Below - Hold short below 893 NAUD -Buy Signal
GLD - Hold Long above 162.17 Tradable Short Below - Hold Short below 160.77
Think Tank Charts
Santelli Rant
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
