Nasdaq 100
Nasdaq 100:
2747.91
Short-Term Trend: Sideways
Outlook: The recent upmove from the late December low remains intact but the upward momentum has slowed in our opinion. As you can see Nasdaq 100 is well below its September 2012 top while S&P500 is currently right at its September top. In our opinion, the underperformance of Nasdaq 100 should eventually bring weakness for the broader market. A move below 2682 will signal at least a short-term pullback has started. But until that happens, we may see further gains toward 2762 and possibly 2820 this coming week...
Strategy: Shorts favored at 2800. Stop=2835.
S&P 500
S&P500: 1472.26
Short-Term Trend: Uptrend
Outlook: The uptrend has gathered momentum here and we are basically in new highs for the bull market from the 2009 low. Right now the uptrend is strong and gains twd 1490/1500 are expected this week. Then we will look for a trend reveral, but right now it will be stupid to try to guess the top and to go against such strong uptrend. Only a move below 1440 will signal that a short-term top has been found. In this case, we will look for a pullback toward at least 1400 level...
Strategy: Stand aside.