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Canada: TSX 60 breakout
By Colin Twiggs
February 27th, 2012 5:00 a.m. ET (9:00 p.m. AET)
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.
* Target calculations: 1300 + ( 1300 - 1150 ) = 1450
Bankers know that history is inflationary and that money is the last thing a wise man will hoard.
~ Will Durant