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February 14, 2003
The index is likely to test the 7500 support level.
The primary trend is down.
The Nasdaq Composite rallied 2.5% to close at 1310.
The next major support level is at 1200.
The primary trend is up (the last low was 1108, the last high 1521).
The S&P 500 gained 17 points to close at 834.
The index has formed a base between 768 and 964 but appears headed for a re-test of the support level.
The Chartcraft NYSE Bullish % Indicator dropped to 42% (February 13).
Industrial production increased 0.7% in January, the largest increase in two years. (more)
The University of Michigan consumer sentiment index fell to 79.2, from 82.4 in January. (more)
New York (16.00): Spot gold closed almost 600 cents down at $US 351.30.
We will see over the next few days if the lower end of the 2850 to 2779 support band is able to hold.
Slow Stochastic (20,3,3) whipsaws around its signal line; MACD (26,12,9) is below; Twiggs Money Flow signals distribution.
Last covered on February 5, 2003.
After forming a descending triangle pattern at [H] ORI completed the pattern with a downward break at [J]. The stock has now broken through the 8.50 support level.
Relative Strength (price ratio:xao) and MACD are bearish; Twiggs Money Flow signals distribution.
Changes are highlighted in bold.
- Energy [XEJ] - stage 4 (RS is rising)
- Materials [XMJ] - stage 2 (RS is rising)
- Industrials [XNJ] - stage 4 (RS is falling)
- Consumer Discretionary [XDJ] - stage 2 (RS is level)
- Consumer Staples [XSJ] - stage 4 (RS is rising)
- Health Care [XHJ] - stage 4 (RS is falling)
- Property Trusts [XPJ] - stage 2 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 4 (RS is falling)
- Information Technology [XIJ] - stage 4 (RS is level)
- Telecom Services [XTJ] - stage 4 (RS is level)
- Utilities [XUJ] - stage 2 (RS is rising)
A stock screen of the ASX 200 using % Price Move (1 month: +5%) returned 16 stocks (compared to 99, August 23rd and 10 on October 4th).
There were no prevalent sectors.
For further guidance see Understanding the Trading Diary.
In a time of drastic change it is the
learners who inherit the future.
The learned usually find themselves equipped to live in a world that no longer exists.
- Eric Hoffer