I am sorry but due to a technical issue with the ADSL connection I am not
able to post the daily technical update.
The main ideas, both for the long-term & short term time frame remain
unchanged.
Today's weakness of the European equity market and the incapacity of the EUR
to establish some type of a bottom may spoil the upside potential of the assumed
SPX wave (B) counter trend bounce.
Today's price reaction to NFP will be critical, since if the 1292 area is
breached it remains to be seen if the 200 dsma, which today stands at 1284,
will "weather the storm".
The obvious next support is at 1258.
Below is the monthly chart of SPX with key down side levels.
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The main objective of this project is to share my views on several markets
and asset classes.
In the initial stage TWT website will be a free service.
My main focus will be the equity market with SPX being the leader but I will
also follow US equity sectors, major European indices, fixed income, currencies
and commodities markets.
My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines
and investor sentiment.
My goal is to establish the most likely path that the price of a particular
asset will undertake and profit through ETF instruments both on the long and
short side and mainly with leveraged ones (2 x & 3 x).
The advantage of ETF investments is that it allows getting involved in equity
indices & sectors, currencies, fixed income, commodities etc.
Therefore the main purpose of TWT will be to establish investment strategies
regardless if the market is in an up trend or in a down trend, leveraging
the chosen scenario while managing the risk by establishing protective stop
losses.
Hence I will always define the risk, I will try to let winners run the wave
and I will cut the losses if my strategy is wrong.
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