2729.31.
Short-Term Trend
Uptrend.
Outlook
Nasdaq 100 made a top at 2752 last week with a key reversal day and pulled back a bit. The decline from the last week top however has been corrective, so it most likely is just a temporary pause within the ongoing strong uptrend from the mid-December 2011 low. Thus, a new uptrend high is expected this week. The market remains quite overextended though and I continue to look for signs that this upmove is over. But there are no such signs as of now. Only a decline below 2650 will signal that some kind of a top is in place. Until then, the path of least resistance remains higher.
Strategy
Stand aside.
S&P500
1397.47.
Short-Term Trend
Uptrend.
Outlook
The market topped out at 1414 and pulled back a bit. But the decline from there has remained corrective. So, I don't think a top is already in place. More likely, S&P500 will make another move higher this week. The next Fibo target remains at 1454 but I would expet to see a top well below this level. Unfortunately almost everyone is looking for a top now, so the marke is unlikely to top right here. But let's see. What we need to see, is a move below 1378 level - such a move will be the 1st sign that the bulls have lost control.
Strategy
Stand aside.
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US Stock Indices - Short-Term Outlook
Published 03/26/2012, 09:09 AM
Updated 05/14/2017, 06:45 AM
US Stock Indices - Short-Term Outlook
Nasdaq 100
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