21/01/2012

Friday rally in U.S. the last 15 minutes took Dow and SP500 to new highs. What does that mean for week Jan 23?


The intervention rally during the last 15 minutes took SP500 from 1.311.77 to the top close at 1.314.51. Very near to the first weekly close resistance at 1.316.07. DOW rallied to a new high and closed at the top at 12.718.7 just 6 points shy of July daily high close at 12.724.0
DAX, FTSE, CAC and SWED all closed on new highs but just below October highs.
The strong up trends are all in place and the markets should go higher on Monday.  The EURO closed above a weekly important resistance point at 1.2931.8.
I do not believe the DOW and SP500 take can take out the 2011 tops right now but the coming week will be extremely interesting. Asia trading Monday will give us the first clue.

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