Long Term Trader
Market Expert
Reputation: +581
Long Term Trader
Market Expert
Reputation: +581
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Danish OMXC20 Index: Despite ending 2018 with a total loss of nearly 13%, the overall outlook for the Danish stock index is still bearish. After breaking the uptrend since August 2011 (in September 2018), the index fell approx. 10%. Next support is around 825, then 810 and thereafter 703-720. The general warning against stocks from late 2017 is unchanged. If you are still in stocks, then keep a close eye on S&P 500, where a weekly close below 2,350 (the uptrend from early 2009) will send the index sharply down. Above 945 will be followed by consolidation.
S&P 500 broke as expected below support around 2,610-15, which was followed by a sharp decline towards first target and support around 2,350. Since the 2,350 area represents the uptrend from February 2009, buyers may show up around this level. Stay short, though don't establish new short positions at current levels. Sell around 2,500 or in case of a close below 2,320. Target 2,030.
EUR/USD (London Close) is trading in a narrow range between 1.1310 and 1.1455, without any clear short-term direction. The rejection at strong resistance around 1.1455 was followed by a test of support around 1.1355-60. Since New York closed with a small gap to Fridays London Low at 1.1382, I will expect the market to move higher and close the gap during early Asian or European trading, when trading starts again. Sit short-term on your hands and wait for a break of 1.1310 or 1.1455 before entering new positions. Overall trend is down. Import Tip: If US or Asia overnight trades outsid...
The stock is currently testing important support around 455, where short-term buyers are expected. Look for a correction towards 480-500 where sellers again will appear. On the down-side a break below 450 will signal further drop towards the 380 area. Since global stock markets looks weak and may drop another 20% from current levels, I stick to my negative view and recommend to sit on your hands.
JPMorgan Chase broke Friday below the neckline and last line of support around 103.25. The stock has now completed a double top, signalling further drop towards 1st. target at 88. Sell on strength towards 103. Above 108.50 will abort the negative outlook.
Dow Jones is currently testing important support around 24,185, where a close below will be followed by a test of the possible neckline at 23,900 and last line of support around 23,240. A close below the latter leads to a drop of min. 7-10%. The outlook is negative, why I continue to stick to my general warning against US stocks from late 2017.
The stock looks weak and is likely to move sideways to lower over the coming months. Only a rise above 195 will abort the negative outlook. I am expecting a 7-10% drop. Next support is around 162 and then 155.
Continues to move sideways without showing any clear short-term direction. The overall trend is down, where a break of 1.1320 will lead to next support at 1.1265-70 and 1.1215. Above 1.1365 will be followed by a test of resistance around 1.1400 and probably also 1.1440.
The break below 5,500 lead to the expected drop to next support around 3,250. The sell-off was massive and fast, which is confirmed by a historically oversold RSI. The speed of the drop reflects a market which basically lost its faith in Bitcoin. Did we see the bottom yet?. Probably not, though with a historically oversold condition, it's not the right time to establish new short positions. Sit on your hands and wait for a correction, preferably to the 4,400 area, before establishing new short positions. Even though an upward correction is possible from current levels, I would not buy. Never g...
Is short-term trapped in a narrow range between 1,1306 and 1,1342, where a break below will lead to support at 1,1225, while a break above will be followed by a rise to 1.1370 and 1.14. The overall trend is down, why I favour a test of important support around 1,11. Only a London Close above 1,16, will reverse the trend from down to up.
S & P 500 challenging important support around 2610-15. Due to the break of the long-term uptrend earlier this year, I expect a down-ward break, followed by a drop of 10-15% towards next support just above 2300.
Bitcoin is trapped in a wide range between 5,500 and 10,000. The short-term trend is flat, without any clear direction. Long-term trend is down, pointing towards a test of major support around 5,500. Break of 5,500 will lead to further drop towards 3,250 area. Upward potential is limited.