Dow Jones Industrial Average is testing resistance at 12800. A large bearish divergence would be completed if 13-week Twiggs Money Flow retreated below 10% — and would warn of a bull trap. Reversal below medium-term support at 12300 and the rising trendline would also warn of trend weakness, while respect of these levels would indicate a primary advance to 13400*.
* Target calculation: 12300 + ( 12300 – 11200 ) = 13400
The S&P 500 displays similar weakness on 13-week Twiggs Money Flow, but rising 63-day Twiggs Money Flow indicates trend strength. Breakout above 1370 would indicate an advance to 1450*.
* Target calculation: 1300 + ( 1300 – 1150 ) = 1450
The Nasdaq 100 made a strong breakout above 2400, indicating a primary up-trend. Expect a retracement to test the new support level (2400); respect would confirm the up-trend.
* Target calculation: 2400 + ( 2400 – 2150 ) = 2650
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