S&P 500 and Nasdaq 100 buying pressure
By Colin Twiggs
August 7th, 2012 5:00 a.m. ET (7:00 p.m. AET)
The S&P 500 is headed for a test of 1420 on the weekly chart. Breakout would signal an advance to 1570* — the 2007 high. The 13-week Twiggs Money Flow trough above zero indicates strong long-term buying pressure.
* Target calculation: 1420 + ( 1420 - 1270 ) = 1570
The Nasdaq 100 is headed for 2800*. A 63-day Twiggs Momentum trough above zero would confirm the primary up-trend. Breakout would offer a target of 3150*.
* Target calculation: 2800 + ( 2800 - 2450 ) = 3150
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