DOW and SP500 daily trends are still up after Friday close.
But the uptrends have lost momentum.
DOW closed at 12.665.3, below the rising 8 day MA for the
first time in 23 days and the 2 hour trend is still down. A new test of crucial
closing point 12.810 might come in the beginning of week January 30. DOW has
only got a short time left to take a new high otherwise the daily trend will
turn down.
SP500 closed the week at 1.316.40. The daily trend is still
up and the 2 hour trend will start sideways on Monday. The important weekly
resistance point is at 1.316.10 more or less the same as the closing point. The
index closed just 2 points higher than last week which could be looked upon as
a double top.
FTSE is the most vulnerable index with 2 closes below the 8 daily
MA. 2 hour trend is down and I expect this index to be the first to change the
uptrend.
SWED has a strong daily uptrend with 2 hour trend moving
sideways.
DAX is the strongest index well in its uptrend channel and a
2 hour uptrend.
Conclusions: A very important week is coming for the indexes
continued uptrends. There are signs that a trend change can come any day.
No comments:
Post a Comment