Nasdaq 100:
Nasdaq 100:
2641.71
Short-Term Trend: uptrend
Outlook:
Nasdaq 100 remains in stron uptrend and continues to make new highs for the year. The prices are now very close to the 2682 Fibo level and the market is severely overbought. These two facts alone are not enough to reverse the current strong uptrend though. As explained earlier, I am looking for signs from the VIX index that a top is in place. No such signals can be seen so far. So, enjoy the rally as long as it lasts. As soon as I see signs that the uptrend from the Dec 2011 low has ended, I will let you know.
On the downside, the key support now jums to 2550.
Strategy:Stand aside.
S&P500:
S&P500: 1369.72
Short-Term Trend: uptrend
Outlook:
My 1378 target was reached last week! And notice how this level provided strong resistance last week. The market is overbought and may pullback at any moment. But the fact that the market is overbought and the 1378 level has been reached, does not mean that the trend will reverse to the downside. Only a move below 1350 will indicate that the bears have taken control here....
Strategy: Stand aside.