PnF: RISK OFF
by
, 03-06-2015 at 11:50 PM (6190 Views)
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Across the PnF Market Board, AGG, the Transports, and the NASDAQ 100 are on a sell.
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AGG
- On 2 March, we triggered a Double Bottom Breakdown
- On 6 March, we triggered a Descending Triple Bottom Breakdown (Back-to-back Double Bottom Breakdowns)
- We have a 109.54 bearish price objective and are -.15% away from reaching the target
- Price is less than 50% of the entire chart which covers roughly 4 months
- Strong area of historical support at S1 where we put in 5 bottoms
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SPX
- On 6 March, we triggered a High Pole Warning (prices rise above a previous high by at least 3 boxes but then reverses to give back at least 50 percent of the rise)
- Although this is a warning, it is not a reversal, we still have a 2245.92 bullish price objective and are 8.43% away from reaching the target
- A bearish reversal gets triggered at 2038.2 we are -1.60% from reaching this target
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W4500
- On 6 March, we triggered a High Pole Warning (prices rise above a previous high by at least 3 boxes but then reverses to give back at least 50 percent of the rise)
- Although this is a warning, it is not a reversal, we still have a 1172.7 bullish price objective and are 8.20% away from reaching the target
- A bearish reversal gets triggered at 1059.59 we are -2.24% from reaching this target
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Transports
- On 4 March, we triggered a Double Bottom Breakdown
- We have a 8712.74 bearish price objective and are -2.19% away from reaching the target
- Strong area of historical support at S3 where we put in 3 bottoms
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NASDAQ 100
- On 6 March, we triggered a Double Bottom Breakdown
- We have a 4320.51 bearish price objective and are -1.79% away from reaching the target
- Strong area of historical support at S3 where we put in 3 bottoms
Thus far, the damage has been minimal, yes we breached key levels, but those levels were tight & high, so the bigger picture remains intact and bullish. Playing devil's advocate, with two of our leading indexes on a short-term sell, now is a good time to think about taking some risk off. As for myself, I made this decision 2 days ago when I slid into the G-Fund, so I'm just chilling and waiting to see what happens next.
Trade safe…Jason