In this weekend's 420th edition of Turning Points we have a 16 page note discussing the importance of the technical events that took place this past week; The push/pull effect in major indices; The role of small-caps moving forward; Analysis of 4 new positions being initiated this week.
What follow is a brief preview from this weekend's note:
The NDX 18000 level has been a focal point of my analysis since mid-January as both a point of attraction for the markets and a potential resistance point that would dictate our next set of steps based on the reaction.
In fact, the NDX 18000 level is only superseded in importance by the infamous key red trajectory on the SPX that plagued the market for nearly two years, resulting in breakdowns, excessive volatility and all types of market shenanigans that are thankfully behind us.
The manner in which the NDX took out its key red trajectory on Friday is on par with the December 12th breakout in the SPX over its key red trajectory.
Let's first look at the SPX from the December period in order to gain perspective of what can result following such an important technical event.
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