Trends and Targets for 1/10/2018

#NASDAQ Big Picture #BRENT #DAX There was once a Xmas Cracker joke which still irritates. “‘How High’ is a Chinaman?”. Gifted with a complete lack of humour and overdose of logic, it was to take years before the joke was understood.

In fairness, the most annoying thing about that particular joke was someone who repeated it, endlessly, at the most inappropriate moments to cover for being stuck for words. But anyway, it’s got absolutely nothing to do with the Nasdaq other than the important detail of the US Index achieving a major High during the last month, creating the situation where it’s reasonable to ask “How High can the Nasdaq go?”

Obviously, a lot depends on China and their response to tariffs. But we were showing 7,499 as a pretty major point of interest and the Nasdaq has successfully touched the trend, bettered the trend, retreated below the trend, then exceeded it again. All these dance steps tend indicate we were indeed scanning the correct series of numbers, suggesting the index now need only close above 7,692 to enter a further phase upward with an initial target at 7,728 points.

At this point, things get a bit weird as we’ve clear air up to 8,600 points. By clear air, we refer to something some shares exhibit, the potential of sharp upward movement, usually generated when a company releases some positive news. In the case of the Nasdaq, we certainly have difficulty inventing an excuse for turbulence between 7,728 and 8,600 points.

For the index to provide concern, it presently requires break the uptrend since the start of 2016. At time of writing, this implies the market requires below 6,052 to justify investing in running shoes as reversal to an initial 5,600 makes sense. If broken, secondary at 4,875 makes less sense as it trashes the uptrend since 2009, risking opening the floodgates for serious reversals.

For now, if it were a share, the answer to “How High is the Nasdaq?” appears to be 8,600 points.

FUTURES

	Time Issued	Market	Price At Issue	Short Entry	Fast Exit	Slow Exit	Stop	Long Entry	Fast Exit	Slow Exit	Stop	Prior
	9:58:31PM	BRENT	82.93	79.72	79.025	77.57	81.85	83.36	84.1275	86.1	79.2	Success
	10:00:42PM	GOLD	1192.85
	10:02:48PM	FTSE	7509.7
	10:05:06PM	FRANCE	5485.2									Success
	10:07:14PM	GERMANY	12236.55	12203	12172.5	12077	12276	12290	12318.5	12363	12202	‘cess
	10:08:36PM	US500	2915.92
	10:10:20PM	DOW	26484.3
	10:11:56PM	NASDAQ	7639.37
	10:13:25PM	JAPAN	24165									‘cess