Sunday, June 23, 2013

Primary Uptrend Lines

Primary uptrend lines for two (DJT and SPX) of five major indices were decisively broken last week, but primary uptrend lines for the remaining three (NAZ, DJI and RUT) are still intact.  For now that is bullish and indicates that the recent decline is a normal correction in a powerful bull market.  What's needed now is for indices to rally soon and by Friday at least one of the two indices that are trading below their primary uptrend lines starts trading above its primary uptrend line.

Per my plan I did my 3rd buy last week.  SPX very likely trades in 1600 to 1540 range this week, but DJT could rally and close above its primary uptrend line by Friday.

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.