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US Stock Indices - Short-Term Outlook

ByTrend Recognition
Published 01/16/2012, 12:15 AM
Updated 05/14/2017, 06:45 AM
NDX
-
Nasdaq 100

:Nasdaq 100
Nasdaq 100: 2372.19

Short-Term Trend: sideways

Outlook:

The reason why the trend on the daily chart is still labelled sideways is because the the prices remain below the key 2400 level. Once this level is taken out, the Short-Term trend will be considered upward. As said before, I feel that this is going to happen and that's why I favored a long position a week ago. But some caution is needed now because we are entering a seasonally negative 2-week period for Nasdaq 100. So, it is important to see how this market will behave this coming week.

On the downside a move below 2300 will be a clear sign that the previous broad trading range is still intact and weakness twd 2200 can be expected....

Strategy: Holding long from 2360 is favored. Stop= below 2300. Target=2460.

S&P500:
 S&P500: 1288.81

Short-Term Trend: uptrend

Outlook:

S&P500 managed to move abv the 1285/90 resistance, but so far remains below 1300 level. Thus, the bulls still need to prove that they have the full control. But I am pretty confident the bulls will succeed this week as the price pattern remains positive on daily chart. And I still expect to see gains twd 1378 and possibly higher before this upmove is over.
On the downside, a move below 1250 negates, signals a decline twd 1210 is likely under way....

Strategy: Holding long from 1267 is favored. Stop=below 1248. Target=1400

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