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We have extended the cut-off until mid-May - to fit in with the introduction of US charts.
May 6, 2003
The intermediate trend is down. I prefer to wait for a clear break above resistance (8643) to signal the start of an up-trend. A fall below 8258 will signal continuation.
The primary trend is down; a rise above 9076 will signal a reversal.
The S&P 500 rallied 8 points to close at 934.
The slow intermediate up-trend continues, approaching resistance at 940.
The primary trend is down; a rise above 954 will signal a reversal.
The Nasdaq Composite broke above resistance to set a new 6-month high of 1523; up 1.3% on the day.
The intermediate trend is up.
The primary trend is up.
The Chartcraft NYSE Bullish % Indicator is at 55.25% (May 5), following a Bull Correction buy signal on April 3.
Long-term: There are already two bull signals: the March 17 follow through day and the April 3 NYSE Bullish % signal. Wait for confirmation from a Dow/S&P primary trend reversal.
The Federal Reserve policy meeting decides to leave the overnight lending rate unchanged at the 40-year low of 1.25%; and warns of downside risks. (more)
New York (18.30): Spot gold has climbed to $US 344.00.
The intermediate up-trend continues but the indicators show that it is weakening; a break below Monday's low of 2926 will signal a reversal.
The primary trend is down. A rise above 3062 will signal reversal to an up-trend.
MACD (26,12,9) and Slow Stochastic (20,3,3) are below their signal lines and the Stochastic has fallen below 80%, a further bear signal; 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.
Correction: Yesterday's diary contained a typo - The 21-day Twiggs Money Flow shows a strong bearish divergence.
Last covered on October 18, 2003.
After a sharp downward spike, CML has rallied strongly to a new 6-month high.
Twiggs Money Flow shows a strong bullish divergence at , with the trough ending above the zero line.
Later, CML broke above resistance after a short pull-back at [d], but has since corrected to test the new support level at [e].
Relative Strength (price ratio: xao) and MACD are bullish.
A break below 6.50 would be a bear signal.
Everybody is ignorant.
Only on different subjects.
- Will Rogers.
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