Nasdaq 100:
Nasdaq 100:
2604.72
Short-Term Trend: uptrend
Outlook:
The bulls remain in full control and it appears they want to push the prices to 2682 level. And as long as the prices stay abv 2544, the uptrend is very strong and gains twd this level are favore. The market is of course, heavily overbought on this time frame, but that factor alone is not enough to trigger a trend reversal. But I feel a Short-Term top is fast approaching.
On the downside, a decline below 2544 will be a strong sign that the uptrend from the mid-Dec 2011 low has already ended....
Strategy: Stand aside.
S&P500:
S&P500: 1365.78
Short-Term Trend: uptrend
Outlook:
The market is just below 1378 level and the bulls remain in control. I still believe that this level will be touched during this uptrend. The question is what will happen once this level is reached. The daily chart is very overbought and a pullback is overdue. On the other hand, if we look at the weekly chart, I have an upper target at 1454 which the market may decide to reach as well. So, the only thing I can say now is that the trend is higher and that it will most likely top out somewhere between 1378 adn 1454.
On the downside, a move below 1340 will be a strong sing that the uptrend from the Dec 2011 low has already ended...
Strategy: Stand aside.