June 11, 2002
The average is again testing support at 9500. A break below this level will signal a primary bear-trend.
Chartcraft's NYSE Bullish % Indicator has given a bull correction signal, warning investors to adopt defensive strategies.
The Nasdaq Composite fell sharply to close at
The primary and secondary cycles trend downwards.
The S&P 500 fell 17 points to close at
Primary and secondary cycles trend downwards.
Wait for Detrended Price Oscillator and Chaikin MF signals before entering short trades.
Analysis of ASX sectors reveals the following stages:
Stage 1 possible recoveries - Media (XME), Telecom (XTE) and Technology (XMI)
Stage 2 bull trends - Banks & Finance (XBF) [advanced]
Stage 3 possible reversals - Retail (XRE) and Transport (XTP)
Stage 4 bear trends - Developers (XDC), Insurance (XIN), Alcohol & Tobacco (XAT), Health & Biotech (XBH) and Diversified Resources (XDR).
Stage 2 bull trends - Gold (XGO), Paper & Packaging (XPP) and Chemicals (XCE) [advanced]; Tourism & Leisure (XTU) [early]
Stage 3 possible reversals - Building Materials (XBM) and Energy (XEY)
Stage 4 bear trends - Engineering (XEG) and Diversified Industrial (XDI).
At the end of June the ASX will cease to provide detailed sector indices. We will endeavor to find other sources.