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May 23, 2003
The market will be closed Monday for Memorial Day.
The intermediate upward trendline has been broken. A rise above 8766 will signal continuation; a fall below 8394 will signal a reversal.
The primary trend is down; a rise above 9076 will signal a reversal.
The intermediate upward trend is weak. A fall below 912 will signal reversal; a rise above 948[b], continuation.
The primary trend is down; a rise above 954[a] will signal an up-trend.
The intermediate trend is weak. A fall below 1478 will signal a down-trend; a rise above 1552 will signal continuation.
The index is in a primary up-trend.
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 Senate passed the $US 350 billion tax cut by a slender 51-50. The bill will now be signed into law by President Bush. (more)
New York (15.30): Spot gold closed the week at $US 368.30.
On the five-year chart gold has respected the long-term upward trendline.
The intermediate trend is down but on a weak signal. A rise above 2984[b] will signal reversal.
The primary trend is down. A rise above 3062[a] will signal an up-trend.
Slow Stochastic (20,3,3) has crossed to above its signal line; Twiggs Money Flow (21) shows a bullish signal, respecting the zero line at [+]; MACD (26,12,9) is below its signal line but threatens to complete a similar signal to TMF.
Intermediate: Long if the primary trend reverses up ( crosses above 3062[a] ); short if the XAO is below 2908.
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 1 (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 2 (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 rising)
- Utilities [XUJ] - stage 2 (RS is rising)
A stock screen of the ASX 200 using % Price Move (1 month: +5%) rose to 79 stocks (compared to 131 on April 11, 2003; and 8 on March 14, 2003).
- REITs (14)
- Gold (5)
When the only tool you own is a hammer,
every problem begins to resemble a nail.
- Abraham Maslow
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