Monday, January 2, 2012
Stock Market Forecast for Trading Week of January 2, 2012
No reason to go long, yet. Patience will prevail. Do not be lead astray with those saying buy here. Better prices are on the horizon. Our system is watching for our phase low to be put in January 13-15th 2012, from which we will see a bounce. From there we will determine the length at which we will see a peak before the next phase low. Presently, the weekly chart is in sync and has begun with last weeks finish in the red just as we indicated in last weeks update. We could be set for a very nice move to the downside to flush out longs so be aware. Bullish sentiment is at elevated levels adding to the potential of a crescendo low. The news will be the driver of how it reacts. Here is a weekly chart, its poised to continue the pull back from last week.
Subscribe to:
Post Comments (Atom)
hi
ReplyDeletedo you have a price target for the Jan low?
thanks
1237 (50 day MA) would be the first line in the sand. Once we get some movement and more clues on the indicators, looking at 1205 (100 day MA). If we have some terrible news then target would be 1160. However, at this time markets are in an upward trend,downward pressure would be limited. If we see supports broken, then a new downtrend could be in the cards. We'll know more as it developes.
ReplyDelete