The State of the Trend

By: George Krum | Sun, Jan 29, 2012
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Last week we cautioned against complacency even though the daily, weekly and monthly trends were pointing upwards. The three major US indices finished the week mixed. The DJIA declined fractionally, while the SPX and the NDX closed marginally higher.

Going forward, the analysis remains pretty similar and fairly straghtforward. Although the trend in all three timeframes remains up, unless the indices break above their last week's highs, a pullback looks more and more likely.

For DJIA the immediate resistance zone is in the 12800-12900 area:

For the Q's, resistance is just above Friday's close:

While for the SPX, that's the 1333 - 1368 zone:

The weekly pivot and first support levels for the SPX, courtesy of the OddsTrader app, are at 1296 and 1233:



George Krum

Author: George Krum

George Krum

George Krum is the author of the "CIT Dates" blog, and the following apps available from iTunes:

OddsTrader - uses the power of Hurst Channels to produce price and time targets, and combines them with proper risk and position size management.

OT Trend - helps you quantify and forecast the seemingly random ebb and flow of stock, index or mutual fund movement.

OT Fibonacci - automates the process of applying Fibonacci numbers, ratios and time series to any security.

OT Seasonal - allows you to perform seasonal analysis on practically any security from around the world and to build long-term forecasts and models.

OT Pairs - is the first mobile app that gives users access to one of the most profitable and time tested hedge fund trading strategies.

OT Pivots - combines the power of Pivot lines with cycles and automatic signal generation.

Gann 9 - is the only financial app that allows users to effortlessly apply the legendary W.D. Gann's tools and methods for trading (including the Square of 9).

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Source: The Contrarian Take