The State of the Trend

By: George Krum | Sat, Mar 16, 2013
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The trend is up for the SPX, NDX and DJIA in all three time frames: daily, weekly and monthly.

There is a regular two day FOMC meeting next week. The chances of a sizeable correction before that are minimal. The chances of the FOMC announcing an end to QE III are minimal as well.

The SPX has reached the top of the weekly channel which raises the question, will the current trend continue, or will the SPX kick into a higher gear, more reminiscent of QE I & II:

SPX Chart

We don't have the answer yet, but considering that market internals just underwent a rolling correction and are currently oversold, reaching the all time high of 1576 seems inevitable:

CIT Dates Chart

The six month channels place the upward target between 1584 and 1600:

SPX Channels Chart

 


 

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:

OddsTrader - combines the power of Hurst Channels with proper risk and position size management. For a web version see OT Signals below.

Gann 9 - 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).

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 - pairs trading, one of the most successful hedge fund trading strategies, is now available on your smart phone.

OT Pivots - combines the power of pivot lines with cycles to provide you with concise technical analysis and powerful trading signals.

OT Signals - a web app accessible from any browser, tablet or pc. It gives buy/sell/hold ratings for any instrument from around the world, and defines the trend and support/resistance levels.

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