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Link for this issue: http://tradingdiary.incrediblecharts.com/2014-08-19-markets.php
 


Dow heading for 17000

By Colin Twiggs
August 19th, 2014 3:30 am EDT (5:30 pm AEST)

These extracts from my trading diary are for educational purposes. Any advice contained therein is provided for the general information of readers and does not have regard to any particular person's investment objectives, financial situation or needs and must not be construed as advice to buy, sell, hold or otherwise deal with any securities or other investments. Accordingly, no reader should act on the basis of any information contained therein without first having consulted a suitably qualified financial advisor. Full terms and conditions can be found at Terms of Use.



Dow Jones Industrial Average is headed for another test of 17000/17100 after finding support at 16400/16500. Recovery of 13-week Twiggs Money Flow above its July high would indicate that buyers are back in control. Breakout above 17100 would offer a target of 17500*. Reversal below 16400 is unlikely, but would warn of a test of the primary trendline at 16000.

Dow Jones Industrial Average

* Target calculation: 16500 + ( 16500 - 15500 ) = 17500

The S&P 500 followed through above Friday's high of 1965, suggesting another attempt at 2000. Completion of a trough above zero on 21-day Twiggs Money Flow would confirm buying pressure. Breakout above 2000 would offer a target of 2250*, but expect markets to remain cautious because of current geopolitical tensions. Reversal below 1950 is unlikely, but would warn of another test of support at 1900.

S&P 500

* Target calculation: 1500 + ( 1500 - 750 ) = 2250

Low CBOE Volatility Index (VIX) readings are typical of a bull market.

VIX Index

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'Ave you 'eard o' the Widow at Windsor
With a hairy gold crown on 'er 'ead?
She 'as ships on the foam—she 'as millions at 'ome,
An' she pays us poor beggars in red.

~ Rudyard Kipling, The Widow at Windsor (1892)

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