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Markets Acting Better Than Expected?

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  • Description

    Tejas Securities Group Chief Technical Analyst Jeff Weiss on the outlook for the markets.

  • Duration 3:47
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So the Dow actually as good as it was today crossed above that key psychological 121000 mark today -- -- -- 121103.

Wanna.

But one analyst says.

There's a much more important.

Number -- need to watch that could determine the direction of the entire market Jeff Weiss is the chief technical analyst at -- securities group there was some build up its locally out of my -- and got plenty got plenty of airlift.

By the way we're only about eight points -- from 1250 and yes -- We're gonna tell you well Islam and you wanna go to the truck in Maria has.

The -- said turnout of the current S&P chart.

That -- -- what a resistance line.

I just under 12100 by the -- The whole numbers are usually psychological as might -- Newton's -- -- told me many years ago India fight and and poll numbers are basically psychological they don't have a whole lot.

Well look at what we'll tell me what -- we're looking at the -- one of the bottom twelve point four now that's just about okay it's okay I'll take well this is kind of like the chart -- but not the exact once a Libyan provide effective there's a very key trend line.

Drew one from the tops of the exit get a daily closing basis it's hitting now just above the 1250 mark -- Ceiling as we failed air initially.

How we pullback but as long as we don't closed.

To back days below 1210.

I think -- Markey is improving.

Slightly so I basically -- the clients on a scale of one to ten it's kind of like I think -- 66 and a half it's better than people are giving it credit for and if you look at the long term S&P chart.

We'll see some major trend lines between eleven this is the -- you're talking about that was the -- and yes this is the area.

Right around 1250 you'll notice I draw the line from the second high not.

-- -- which I fight tells me a lot in terms of avoiding as much as one can in these volatile markets being whipsawed I doubt this -- this is the one.

On new home if you take a -- not passionate about like it there Jeff Jeff loves this not -- -- the light up next at the very.

If you take a look at those two red circles.

What the one on the left -- -- in the the November relate well the -- don't nine is the mega.

Markets hello girl killed.

Pocket I guess if you were long yet so -- -- Arctic not.

And if we take a look you'll -- did both the golden lines connect were connect three point what I want to show always write to the right.

All of the red circle is the number -- around 1160.

Both of those lines intersected at 1160 I don't think it's any coincidence that that was a weekly closing low.

And we can't afford in my opinion the -- 1160 get on a weekly close if the bulls are gonna maintain some intermediate term advantage Jeff everybody -- to focus on the Dow and the S&P but we have noticed David -- every single time -- wide swings the Russell is either hurt more than expected or a big gets to benefit.

On a bigger rally -- -- the Russell 2000.

That it expects to in many cases that I have a chart of the Russell 2000.

If you wanna put up Russell 2000 -- 2000.

And just keeping Robert about it what is well the Russell 2000 is a key because if you wanna see this -- brought -- out I think the Russell leads back to back closes in the mid 760s.

And if you take a look at the chart that may or may not be -- -- on -- we have a situation but I notice that the mid 750s.

Is where the Russell collapsed from on the -- down when it closed above that on a weekly basis we went up over a hundred points and we closed below it we went down over -- You love technicals we have one that we can't avoid which is called a hard break we got to leave it at that Jeff -- great -- I don't come back but I don't know.

Please come back coming up next the clock is.

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