S&P500 tide changing
By Colin Twiggs
July 7th, 2013 5:30 pm EDT (7:30 am AET)
The VIX retreated below 15, signaling that market risk is falling.
The S&P 500 is testing its declining trendline after a brief consolidation above 1600. Penetration would suggest that the correction is over; confirmed if resistance at 1650 is broken. 21-Day Twiggs Money Flow is leveling out and a trough above the line would signal a healthy primary up-trend. Target for an advance would be 1800*.
* Target calculation: 1680 + ( 1680 - 1560 ) = 1800
The TSX Composite index penetrated its declining trendline, suggesting that the correction is over. Follow-through above 12250 would strengthen the signal, while a rise above 12400 would confirm. Recovery of 21-day Twiggs Money Flow above zero would indicate buying pressure. Target for an advance would be 12900/13000. Reversal below 11900 is now unlikely, but would signal a primary down-trend.
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