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November 22, 2002
Understanding the Trading Diary provides further guidance.
The primary trend will reverse (up) if the index rises above 9130.
On the 21st the Nasdaq Composite Index completed a primary trend reversal on strong volume. The index closed almost unchanged today at 1468.
The S&P 500 closed 3 points down at 930.
The primary trend will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 44% (November 21).
PC makers face a bleak Christmas. (more)
New York: Spot gold is up 340 cents at $US 320.60.
The primary trend will reverse if the index rises above 3150.
The MACD (26,12,9) and Slow Stochastic (20,3,3) are above their signal lines; Twiggs money flow signals accumulation.
Last covered on November 14, 2002.
NCP formed a double bottom reversal, completed at . This was followed by a pull-back to test the new support level and then a second rally.
The bar at  displays a long shadow, signaling weakness, and the stock may well pull back to re-test the 10.92 support level.
Changes are highlighted in bold.
- Energy [XEJ] - stage 4 (RS is level)
- Materials [XMJ] - stage 2 (RS is rising)
- Industrials [XNJ] - stage 4 (RS is falling)
- Consumer Discretionary [XDJ] - stage 2 (RS is rising)
- Consumer Staples [XSJ] - stage 4 (RS is falling)
- Health Care [XHJ] - stage 1 (RS is level)
- Property Trusts [XPJ] - stage 3 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 4 (RS is falling)
- Information Technology [XIJ] - stage 4 (RS is falling)
- Telecom Services [XTJ] - stage 4 (RS is falling)
- Utilities [XUJ] - stage 2 (RS is rising)
A stock screen of the ASX 200 using % Price Move (1 month: +5%) returned 30 stocks (compared to 99, August 23rd and 10 on October 4th). Notable sectors are:
- Diversified Metals & Mining
- Construction Materials
- Casinos & Gaming
- Highways & Railtracks
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