The following is one of the 9 charts and corresponding commentary/analysis from our Monday January 28th Keys To This Week report (access requires subscription, click here to view a sample report).
Keys To This Week, one of 8 different reports that we produce for subscribers throughout the month, is a detailed weekly outline of key market factors and corresponding charts pertaining to the US stock market and market sectors, US interest rates, the US Dollar, and economically-influential commodity prices that are most likely to influence US financial market direction during the next one to several months.
Excerpt From: Keys To This Week
Topic: The US Stock Market
Date: January 28th, 2013
Support/Resistance: Major Overhead Resistance 1%-2% Above The Market. MAJOR DECISION POINT. Heading into this week major overhead resistance in several major US indexes is positioned just above the market. Considering the US stock market’s current technically over-extended condition, we are viewing these levels as the potential starting point of at corrective decline. These indexes, levels, and what they represent are listed below.
- S&P 500 (SPX): 1524, the December 2007 benchmark high (Chart 1 above), is positioned just 1% above the market.
- Dow Industrials (DJIA): 14,198, the October 2007 all-time high, is positioned just 2% above the market.
- NASDAQ Composite (COMP): 1397, the September 2012 benchmark high, is positioned just 1% above the market.
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