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We have extended the cut-off until mid-May - to fit in with the introduction of US charts.
May 2, 2003
The intermediate trend is down. A rise above 8587 will signal the start of an up-trend; a fall below 8109 will signal continuation.
The primary trend is down; a rise above 9076 will signal a reversal.
The S&P 500 gained 14 points to close at 930.
The intermediate up-trend continues.
The primary trend is down; a rise above 954 will signal a reversal.
The Nasdaq Composite rallied more than 2% to close at 1502.
The intermediate trend is up; overhead resistance is at 1521.
The primary trend is up.
The Chartcraft NYSE Bullish % Indicator continues to climb after a Bull Correction buy signal, reaching 53.32% (May 1).
Long-term: There are already two bull signals: the March 17 follow through day and the NYSE Bullish % signal. Wait for confirmation from a Dow/S&P primary trend reversal.
Rising unemployment and a drop in average working hours reflect slowing business activity. The market shrugged this off, believing in a post-Iraq rebound in consumer spending. (more)
New York (15.30): Spot gold ended the week up 2.3% at $US 340.70.
The intermediate up-trend continues; a break below 2931 will be bearish.
The primary trend is down, although the trendline has been broken; a rise above 3062 will signal a reversal.
MACD (26,12,9) and Slow Stochastic (20,3,3) have crossed to below its signal line; Twiggs Money Flow (21) is below its upward trendline but continues to signal accumulation.
Long-term: There is already a bull signal: the March 18 follow through. Wait for confirmation from a primary trend reversal.
Changes are highlighted in bold.
- Energy [XEJ] - stage 4 (RS is level)
- Materials [XMJ] - stage 3 (RS is falling)
- Industrials [XNJ] - stage 4 (RS is falling)
- Consumer Discretionary [XDJ] - stage 1 (RS is level)
- Consumer Staples [XSJ] - stage 1 (RS is rising)
- Health Care [XHJ] - stage 4 (RS is falling)
- Property Trusts [XPJ] - stage 3 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 1 (RS is rising)
- Information Technology [XIJ] - stage 4 (RS is falling)
- Telecom Services [XTJ] - stage 4 (RS is falling)
- Utilities [XUJ] - stage 2 (RS is rising)
Utilities is the only sector trending upwards;
Property Trusts are level;
Materials is weakening;
Financials (excl. Property),
Consumer Staples and
Consumer Discretionary show signs of recovery;
Health Care and
Telecom are bottoming;
IT remains weak.
A stock screen of the ASX 200 using % Price Move (1 month: +5%) returned a lower 80 stocks (compared to 131 on April 11, 2003; and 8 on March 14, 2003).
- Gold (4)
- Diversified Financial (4)
- REITs (5)
If you're ridin' ahead of the herd, take a
look back every now and then to make sure it's still
- Will Rogers.
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