ProActInvest.net Weekly Stock Market Commentary and Charts of the Week for 01/17/12

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ProActInvest.net Weekly Stock Market Commentary and Charts of the Week for 01/17/12

  1. 1. ProActInvest.net Weekly Stock Market Commentary andCharts of the Week for 01/17/12by R. Wiegand[edit]in BlogProActInvest.net Weekly Stock Market Commentary for 01/17/12Be the first to know! Get FREE and instant e-mail updates from ProActInvest.net! Sign inwith your name and e-mail address in the Opt In box on the upper right of this web pageNOW!Today’s trading was rather lackluster – volume was anemic as players awaiting more earningsreports (as we enter the meaty part of earnings season) and this week’s inflation (PPI onWednesday and CPI on Thursday) and housing figures. Industrial production figures will alsobe watched tomorrow pre-market.After gapping up nicely, stocks pulled back and gave back most of their gains – the small capindex (IWM) finished down on the day, while the SPY and QQQ held on in positive territory.As IWM pulled back, ProActInvest.net’s chief weekly indicator turned slightly negative, whilethe longer-term intermediate signal is still positive. Active traders may want to stay flat untilone of two things happens: if we break the key 75.95 support level for the IWM we suggestthat active traders short the market; if we go higher and break through the 76.84 resistance areawe suggest re-opening long positions. (Please see the chart below).Longer-term equity investors should stay long for now.ProActInvest.net scanned the key markets and can’t seem to find many attractive plays in termsof reward/risk. This coincides with the lackluster market noted above as we enter earningsseason and await the economic figures as well as to see whether the Euro will hold the 125support area for sure. The Euro finished the day at 126.83, off Friday’s low just above 126.00The key level to watch again is 125.00 on the long-term chart. (Please see the chart below).Charts of the Week
  2. 2. IWM small cap benchmark index short-term suport and resistance levels as of January 17,2012Forex: USD/Euro still testing long-term 125.00 support level

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