US: Good week for Nasdaq and S&P 500

The Nasdaq 100 rallied strongly this last week, closing on its revised target of 2750*. Steeply rising 13-week Twiggs Money Flow indicates strong buying pressure. Extension of the rally above the target would be risky and we are likely to see retracement to test the new support level and (long-term) rising trendline at 2400.

Nasdaq 100 Index

* Target calculation: 2400 + ( 2400 – 2050 ) = 2750

The S&P 500 followed through after its breakout above 1370, signaling continuation of the primary up-trend. Expect retracement to confirm support at 1350 before an advance to our target of 1450.

S&P 500 Index

* Target calculation: 1300 + ( 1300 – 1150 ) = 1450

4 thoughts on “US: Good week for Nasdaq and S&P 500

  1. Phil Baker says:

    Are you sure that John Mauldin would have said:

    “…which will have equal or greater negative effects then the problem it was…” ?

    “then”??? If I though it was a typo – I wouldn’t worry, but American net-culture seems to be increasingly ignorant of the word “than”. Somebody has to give a damn about this stuff. Love your work Colin – Cheers.

  2. eminiprotrades says:

    YOUR TMF IS INTERESTING, HOW CAN ONE GET THE INDICATOR VS THE CHALKKIN MONEY FLOW

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