The situation remains similar to the one discussed in the last weekly post. At this point I still expect new highs without breaking below 1294.7. Immediate support is at the short (red) moving average. Note that we can not break the Demand Line (upsloping green line) in a qualified manner this week since we closed lower last week. This implies that most traders are expecting that line to be broken. Thus, being a contrarian indicator, it says not to expect follow through to the downside.
1337.38 is also an important number this week. If we close below that level this Friday then the current sell setup being built we be interrupted.
Bottom Line: The weekly chart is in a bullish position and the allocation mix meter is at +100%.
No comments:
Post a Comment