This week the Dow hit 29000 and the sellers were there to welcome them.
Some say the soft employment # was the catalyst but from a technical perspective, we see a market that is over-extended in the short term yet continues to see longer-term momentum indicated by “momentum and up” condition on the monthly charts.
So in the short-term we may see some selling/profit-taking but this may end up being – once again – another one of those buyable dips.
In this week’s video, I examine the major US indices to see what it would take for us to see a larger reversal of price and why the January Effect is still in effect.
Also this week, the cryptocurrency markets had a major reversal – tune in near the end of the video where I discuss how I traded it.
Watch this week’s Weekly Outlook video to see the setups and levels we’ll be watching as well as the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD BTCUSD ETHUSD EEM and more for the week of Weekly Market Outlook For – January 13 – 17, 2020.
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