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Canada: TSX 60 breakout
- Nasdaq approaches 2650 target, S&P 500 finds resistance
- More....

Canada: TSX 60 breakout

By Colin Twiggs
February 27th, 2012 5:00 a.m. ET (9:00 p.m. AET)

These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.

The TSX 60 broke through resistance at 720, signaling a primary up-trend. Recovery of 63-day Twiggs Momentum above zero strengthens the signal. Expect retracement to test the new support level, but target for the advance is 790*.

* Target calculations: 720 + ( 720 - 650 ) = 790

Nasdaq approaches 2650 target, S&P 500 finds resistance

Nasdaq 100 index is approaching its target of 2650*. Expect retracement to test the new support level at 2400. Respect would confirm a strong up-trend despite the lower high (bearish divergence) on 13-week Twiggs Money Flow.

* Target calculations: 2400 + ( 2400 - 2150 ) = 2650

The S&P 500 encountered short-term resistance at 1370, indicated by declining 21-day Twiggs Money Flow, but the primary up-trend appears healthy. Retracement that respects support at 1300 would signal trend strength — even better if we have a narrow consolidation below the resistance level.