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February 3, 2003
The index appears headed for a re-test of the 7500 support level. The primary trend is down.
The Nasdaq Composite closed up 3 points at 1323. The next major support level is at 1200.
The primary trend is up.
The S&P 500 also displays congestion, up 5 points at 860. The index appears headed for a re-test of support at 768.
The Chartcraft NYSE Bullish % Indicator is on a bull correction signal at 46% (January 31).
The Institute of Supply Management index of manufacturing activity records a second month of growth. (more)
New York (16:45): Spot gold has recovered to $US 371.10.
The index has, so far, failed to breach the 2915 support level.
Slow Stochastic (20,3,3) has crossed to above its signal line; MACD (26,12,9) is below; Twiggs Money Flow signals distribution.
Last covered on January 22, 2003.
Foodland has completed a double top pattern at [A] and [B] with a break below the support level at [E]. The pattern may also be interpreted as a head and shoulders pattern, with the head at [B] and shoulders at [A] and [C]. Either way, [E] is a strong bear signal, especially as it also breaches the long-term trendline.
Relative Strength (price ratio: xao) is falling and Twiggs Money Flow signals distribution. MACD has completed a peak below zero; a further bear signal.
- the pull-back is of short duration (no more than 2/3 days);
- volume dries up on the rally;
- the daily range narrows near the resistance level.
For further guidance see Understanding the Trading Diary.
save in the assurance of one of mature age,
and much severe experience,
that you can not fail,
if you resolutely determine, that you will not.
- Abraham Lincoln: Letter to George Latham (1860)