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2013 - From a technical perspective

US equities

Few at the very start of 2012 – myself included - believed that US stocks would enjoy decent gains over the year. They have done just that, though. I quickly abandoned my pessimistic outlook as the Wall Street indices got off to a flying start. I remained bullish in my big picture despite the summertime dip, correctly believing it to be a mere correction within a bull market. I reckon Wall Street should continue to press higher in 2013. Continued loose money from central banks worldwide and no US recession are the fundamental drivers of this. I believe the S&P 500 could revisit its all-time high of 1577 next year, with the Dow Jones retaking its record peak at 14198. For position-traders, bounces from around these indices' 21-day exponential moving averages make obvious places to attempt to join the up-trend.

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By Dominic Picarda,
21 December 2012

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Dominic Picarda

Dominic Picarda is a CFA charterholder and a Chartered Market Technician. He has co-ordinated the IC's charting coverage for four years. He is a frequent speaker at seminars and other trading events.

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