Nasdaq 100:
Nasdaq 100:
2584.31
Short-Term Trend: uptrend
Outlook:
Well, it is obvious now our exit a couple of weeks ago just below 2520 was premature. The daily trend remains higher and as long as the prices hold abv the rising trendline from the Dec 2011 low, gains twd 2682 are favored. The market is overbought, but that alone will not stop the move higher. Still, I believe a top is fast approaching and it is too risky to initiate new long positions here.
On the downside, firm and sustained trading below 2550 will signal the index has already topped out....
Strategy: Stand aside.
S&P500:
S&P500:
1361.33
Short-Term Trend: uptrend
Outlook:
In line with our expectations, S&P500 conitinue its advance twd the 1378 level. Once that level is reached (I expect to see it sometime this week), the odds will dramatically incrase that a ST top has been achieved. So, going long here still does not make sense to me. But the trend is higher as long as the prices stay abv the minor support at 1340. A move below 1340 will indicate a top is already in place and weakness twd 1290/1280 will be favored in the next couple of weeks.
Strategy: Stand aside.