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.

Chart goes here

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

 

256total visits,3visits today

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.