The E-mini S&P still has another high in it, says Dominick Mazza, founder of Tradingthecharts.com. He says that based on Elliott Wave principles, the market is in a “fourth wave flat” and buying time until earnings reports from Google, IBM and others are released. “Retail is going to come in and then we are going to see a new high,” Mazza says. That high, between 1445 and 1453 could come at the end of January or in the first week of February. But after that, it is all down hill with a low of 1360. “It’s a Fibonacci number that we are going to retest. If we go past 1360, we are done,” Mazza adds.
Featured Topics
-
Financials
Short-term stock market low may be in
Finding support near 200-day averages in deeply oversold territory, markets posted strong gains Monday.
-
ETFs
Silver mining stocks rally along with silver prices
After falling for multiple sessions, silver rallied last week and provided a boost for ETFs heavily invested in silver companies.
-
Forex
New Zealand dollar snaps six day losing streak
The New Zealand dollar is the top performer against the greenback with an advance of 0.52% at the close of European trade.
-
Options
Facebook options will list on ISE on May 29
The options listing date is contingent on a successful completion of Facebook's initial public offering on Friday, May 18.
-
Sponsored by
-
Sponsored by
-
Sponsored by
-
Sponsored by
