INDEX UPDATE
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NAZ - is now at a DOUBLE TOP chart formation. If it continues up, good hint that we will still continue up. If we stall here then it is a signal that we are topping out here at least for the short-term
NDX - is still below the 1180 figure but only slightly, if NDX breaks 1180 substantially, further sign that we are moving up.
DRG - is now also at a DOUBLE TOP chart formation. Same as the NAZ.
XOI - with the pop in the price of CRUDE yesterday, and right now it is slightly up, this should boost the oil stocks and since there are 3 XOI components in the DOW (10%) that may also boost the DOW.
TYX - interest rates are still creaping up, and closed at 5.9%. The short-term uptrend for the rates are still intact with targets of 6.00% arriving next week and target of 6.15% by 2nd week of APRIL. Of course rates will be strongly effected by economic news, and can easily overide the technicals on the rates.
I am still holding with my top of 8888 for MAR/APRIL.
Previously, had indicated that WED/THUR would be a weak period and the good possibility of a pullback. So far it has not happened, and keep in mind that we are relatively flat compared to last week, only slight above the highs of last week. The NAZ is at the same level with the SPX/DOW higher. Please keep in mind I do not consider the overall market as just the DOW - its the DOW, SPX, NAZ.
If this week remains relatively flat or up, then next week should be weak. If we pullback the rest of this week, then next week should be flat.
Seeya |
