DOW JONES INDUSTRIAL INDEX: Four day bounce since the $VIX reversal buy signal on the daily chart. Targets a test of the November highs. We have also marked out the immediate trading range with a pair of horizontal lines around the last swing high and low.
S&P 500 INDEX: Same as the $INDU, but just a little stronger. As we write, the $SPX has hit the upside target and taken it out by a touch. This is a new 20-day high, and should the $SPX trade back under the November 14 swing high at 1063.65, sellers will come out on the Connors Turtle Soup short sale setup.
NASDAQ 100 INDEX: Same setup as the $INDU.
SEMICONDUCTOR SECTOR INDEX: Buyers of the big retracement pattern (ABC Correction into the 20-day EMA) get their upside target.
GOLDBUGS INDEX: Note that this daily chart is showing the largest Average True Range reading this year. It tells us that the move up is now "leaping and bounding", meaning that it's in what we call the "parabolic phase" where people are literally diving in. I will be looking to exit my personal gold holdings somewhere on this move up and that includes all the bullion purchased in 2000 in advance of Y2K, and my long-term position in Kinross Gold.
DOLLAR INDEX: Longer-term, we expected the major target on the downside would be in this 90 area, and we know that because gold is denominated in Dollars, it is spiking up as the Dollar spirals down.
03.12.01 10:20 #