The S&P 500 broke through resistance at 1730, signaling an advance to 1790/1800*. Follow-through above 1750 would confirm. 21-Day Twiggs Money Flow troughs close to zero indicate buying pressure. Reversal below 1730 is unlikely at present, but would warn of a test of primary support at 1650.
* Target calculation: 1710 + ( 1710 – 1630 ) = 1790
VIX below 15 signals low market risk.
Dow Jones Industrial Average is headed for a test of 15700, but bearish divergence on 13-week Twiggs Money Flow continues to warn of a reversal. Breach of 14800 would confirm. Overall sentiment remains positive, however, and TMF recovery above the descending trendline (20%) would be a bullish sign. Breakout above 15700 would offer a target of 16600*.
* Target calculation: 15700 + ( 15700 – 14800 ) = 16600
The Nasdaq 100 is contrastingly bullish, with 13-week Twiggs Money Flow troughs well above zero signaling strong buying pressure.
* Target calculation: 3050 + ( 3050 – 2800 ) = 3300