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Dow and S&P 500 test key resistance
By Colin Twiggs
February 13th, 2012 4:00 a.m. ET (9:00 p.m. AET)
These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.
Dow Jones Industrial Average is testing resistance at 12800. A large bearish divergence would be completed if 13-week Twiggs Money Flow retreated below 10% — and would warn of a bull trap. Reversal below medium-term support at 12300 and the rising trendline would also warn of trend weakness, while respect of these levels would indicate a primary advance to 13400*.
* Target calculations: 12300 + ( 12300 - 11200 ) = 13400
The S&P 500 displays similar weakness on 13-week Twiggs Money Flow, but rising 63-day Twiggs Money Flow indicates trend strength. Breakout above 1370 would indicate an advance to 1450*.
* Target calculations: 1300 + ( 1300 - 1150 ) = 1450
The Nasdaq 100 made a strong breakout above 2400, indicating a primary up-trend. Expect a retracement to test the new support level (2400); respect would confirm the up-trend.
* Target calculations: 2400 + ( 2400 - 2150 ) = 2650
More....
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Australia: ASX 200
Canada: TSX 60 retreats
UK and Europe
Hong Kong & China
Japan & South Korea
India and Singapore bullish
Chinese imports tank - macrobusiness.com.au
Australia: Credit growth
Westpac: RBA Statement on Monetary Policy
Did The Economy Really Create 500,000 Jobs? - WSJ
I have but one passion: to enlighten those who have been kept in the dark, in the name of humanity which has suffered so much and is entitled to happiness. My fiery protest is simply the cry of my very soul. Let them dare, then, to bring me before a court of law and let the enquiry take place in broad daylight! I am waiting.
~ Emile Zola: J'accuse! (1898)
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