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January 17, 2003
The average has been forming a base since July 2002.
The primary trend is down and will reverse up if the average rises above 9076 (the high from December 02).
The Nasdaq Composite gapped down 3.3% to close at 1376.
The primary trend is up but is weakening and we may see a re-test of support at 1200.
The S&P 500 lost 13 points to close at 901 and may test support at 867.
The index ranges between 965 and 768, establishing a base.
US markets are closed Monday for Martin Luther King Day.
The Chartcraft NYSE Bullish % Indicator increased to 54% (January 16).
The University of Michigan consumer sentiment index fell to 83.7 from 86.7 in December. (more)
New York: Spot gold eased 120 cents to $US 356.30
The index ranges between 2915 and 3050, forming a base.
Slow Stochastic (20,3,3) is below its signal line; MACD (26,12,9) is above; Twiggs money flow signals distribution.
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 level)
- Health Care [XHJ] - stage 1 (RS is level)
- Property Trusts [XPJ] - stage 2 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 1 (RS is falling)
- Information Technology [XIJ] - stage 4 (RS is falling)
- Telecom Services [XTJ] - stage 4 (RS is level)
- Utilities [XUJ] - stage 2 (RS is level)
A stock screen of the ASX 200 using % Price Move (1 month: +5%) returned 75 stocks (compared to 99, August 23rd and 10 on October 4th). Notable sectors are:
- Agricultural products
- Application Software
- Auto Parts & Equipment
- Broadcasting & Cable TV
- Construction & Engineering
- Diversified Financial Services
- Diversified Metals & Mining
- Electric Utilities
- Oil & Gas Exploration
For further guidance see Understanding the Trading Diary.
My views are not so rigid. A life is sacred. Property is intended to serve life,
and no matter how much we surround it with rights and respect, it has no personal being.
It is part of the earth man walks on;
it is not man.
- Martin Luther King Jr. : The Trumpet of Conscience, 1967.