Nov Review 4 AGG
First off, congratulations to Gumby who spanked everyone with a 7.69% percent return this month.
On the monthly charts I'm only going to point out one thing. AGG has closed at a record high, going back to its inception in 2003.
On the weekly charts I've drawn in a pitch fork with Fibonacci levels drawn within it. Looking at this chart, my "impression" is AGG has topped out and is overdue for a pullback.
Here is a daily chart showing November's recent swing low to its latest high. From the Weekly Pivot Point 105.12, to the 38.2% Fibonacci retracement 105.02, and the large Volume zone in this area, we "should have strong support.
Here is another daily chart showing us a breakout above the October swing high with the red horizontal line. I've also circled the slow stochastic showing price is embedded to the upside. Add to that the rise in the ADX trend strength indicator and you have for a bullish chart.
Note: Sorry about the poor quality of this next chart, for whatever reason the file uploader keeps converting it into a jpg.
Lastly here is the hourly chart. Based on support & resistance levels I'm calling 105.25 the key pivot point. A break below this line gets me bearish until we can establish & evaluate the next swing low.
Best of luck.... Jason
