Below 2110 in daily close would negate the breakout
As long as 2118 is defended in close SP500 could potentially drift to 2165.
DAX may find the area 11920 difficult to break (618 fibo of previous move)
2138 is an important level but everyone is speaking about it over the net. TA may become obsolete if everyone looks at it and levels become so obvious.
the average of all analyst point to 2200
Comments
reluctantplumber
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Strange, I mentioned 2200 and you got all huffy.
YaKa
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that is their target for year end.
YaKa
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I see 2200 possible end of june and realistic only in November.
I would be very suprised it flies there in over 2 weeks
reluctantplumber
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To be honest so would I, but we have seen the S&P swing 30 points a day without breaking a sweat. I still stand by 2140, maybe I can wait to 2165. 250 by the end of the year sounds reasonable.
reluctantplumber
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2150 by year end that is
YaKa
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Step by step.
First let's see if this breakout is real or not.
we had many surprises in the last few months and I think this is not over (for the surprises so when something looks certain and all your contacts agree on one side: Watch out.
I spoke to 2 persons today who told me DAX was heading to 12700 quickly. A surprise on that statement is to be factored.
reluctantplumber
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One more thing, you have been telling me the correction would come in June - Now I think you were correct all along - Have you changed your stance on June?
YaKa
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to be precise: the correction should start end of june at the latest (as per my computations) but it could start before.
YaKa
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but the situation with DAX is complexe.
There is something i am not getting or there will be a big surprise up on sp500 or down on dax.
My prefered scearnio would still be for a fake breakout here followed by a touch on 2035 and a sharp rebound after bear trap into the 19th of June/ 2170ish.
reluctantplumber
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Ok- but I still don't get the connection with the DAX - the two have completely moved apart for some time now.