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November 26, 2002
The primary trend will reverse (up) if the index rises above 9130.
The Nasdaq Composite Index lost 2.5% to close at 1444.
The primary trend is up.
The S&P 500 lost 19 points to close at 913.
The primary trend will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 48% (November 25).
Merrill Lynch has already paid $100 million to settle conflict-of-interest charges. Other firms face even bigger fines for hyping analysts reports to win investment banking business. (more)
New York: Spot gold is down 10 cents at $US 317.60.
The primary trend will reverse if the index rises above 3150.
The MACD (26,12,9) and Slow Stochastic (20,3,3) are above their signal lines; Twiggs money flow is falling.
After a strong stage 2 up-trend GNS formed a bearish divergence on Twiggs money flow and MACD at [A] before a correction back to the 150-day MA. Price then rallied to a marginal new high at [B] before drifting lower to [C]. Twiggs money flow has made a bullish trough above the zero line [$], while MACD and Relative strength (price ratio: xao) are rising.
This could well be a bear trap. A correction that fails to break below 8.05 will be a strong bull signal.
For further guidance see Understanding the Trading Diary.
It is important to do the right things right.
- Peter Drucker