The State of the Trend

By: George Krum | Sun, Apr 15, 2012
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The daily trend turned down two weeks ago, the weekly trend turned down last week, while the monthly trend of the three main US indices (DJIA, NDX and SPX) remains up.

In addition to the weekly trend turning down, the SPX dropped below the weekly pivot line, and that pegs the next downside target at 1323. Resistance is at 1396:

The pivot line closely mimicks the trendline drawn from the Dec. 28th daily low. As long as the index remains below that line, bears have the upper hand:

The closest daily support level is at 1360, which coincides with the 23.6% retracement of the November '11 - April '12 range:

 


 

George Krum

Author: George Krum

George Krum
www.citdates.blogspot.com

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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austrian-money-supply/