Global Macro Thoughts: David Gurwitz


Here is a quick update on the short term outlook

The Indices are bouncing nicely since their projected low and gave a short term buy signal

We can now see another test towards the last high – or even higher

Here are the upside targets and the suggested sell stops:

S&P 3370 – 3247

Nasdaq 9376 – 9076

Russell 1738 – 1619

Dow Jones 29576 – 28517

TSX 17769 – 17359

DAX 14038 – 13143

FTSE 7943 – 7339

AEX 622 – 593

VIX canceled its buy signal short term below 16.60 – keep a buy stop at 17.90

Gold cancels its buy signal – short term – below 1569

Silver is already on a sell signal from 18.05 and tested again 17.60

Copper bounced off its low and the suggested buy stop is now 2.49

Crude bounced a little but still needs a close above 53.40 to confirm a short term buy signal

Nat Gas still needs a close above 1.87 to cancel its sell signal

US Bonds and TLT reached its short term high – but still need to trade below the given levels in the last thoughts to confirm a sell signal

US 30 Year below 161.31, US 10 Year below 130.29 and TLT 143.55

Tomorrow follows the regular Thoughts – Have a good day!

© Global Macro Technical Thoughts – February 4, 2020 Tuesday

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