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How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market No New Highs...

Stock-Markets / Stock Markets 2016 Jan 05, 2017 - 12:28 PM GMT

By: Anthony_Cherniawski

Stock-Markets

Wave [c] of 2 is three points shorter than Wave [a] at 30.20 points. However, it has stopped short of 2273.82 and appears to be complete. If so, the decline begins in earnest. Short positions may be taken beneath Short-term support at 2260.63. A second break of the trendline at 2250.00 is also a good short entry.


VIX may also have completed an 81% retracement and may be heading higher again. The first resistance is at 12.63. One may begin a position above that level and add to the position above the 50-day Moving Average at 13.98.

The fly in the ointment is the Hi-Lo Index, which broke above its prior high at 274.00.

ZeroHedge comments, “Despite a more hawkish-than-expected Fed minutes, investors appeared to be reducing exposure to the USD (modestly as EURUSD briefly tagged above 1.05 and buying bonds across the curve (with the belly outperforming) to start. However, that quickly reversed and left stocks mixed with banks just green post-Minutes, and the USD limping higher.

The initial reaction to the hawkish Fed minutes was the ubiquitous VIX slam which sparked algo buying panic running stops above the opening Dow highs...”

However, the DJIA failed to make a new high…

Regards,

Tony

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