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June 26, 2003
The Dow formed an inside day, signaling uncertainty. The index closed 0.7% up at 9079 on lower volume; above the 9000 support level.
The intermediate trend is up.
The primary up-trend is up.
The intermediate trend is up. The index may be forming equal lows (the first low on June 9); a bullish sign in an up-trend.
The primary trend is up.
The intermediate trend is up. Equal lows on the 9th and 24th of June are a bullish sign.
The primary trend is up.
Intermediate: Long if the S&P is above 992.
New claims for unemployment benefits last week fell to a 3-month low of 404,000. (more)
The current one per cent overnight rate does not leave the Fed with much leeway if the economy does not respond. (more)
New York (17.10): Spot gold has fallen to $US 343.90.
On the five-year chart gold is above the long-term upward trendline.
The intermediate trend is down.
The primary trend is up. If price holds above support at 2970 this will indicate that the up-trend is still strong. A fall to 2900 will signal weakness.
The monthly Coppock indicator has turned up below zero, signaling the start of a bull market.
Twiggs Money Flow (100) signals accumulation.
MACD (26,12,9) is below its signal line; Slow Stochastic (20,3,3) is below; Twiggs Money Flow (21) signals accumulation.
Intermediate: The primary trend has reversed up; Long if the All Ords is above 3050.
Long-term: The primary trend reversal has confirmed the March 18 follow through signal. Long.
Both Westpac [WBC] and St George [SGB] have completed similar equal highs in the last two weeks.
Westpac formed a new high at resistance at , but on moderate volume.
The correction at  was accompanied by strong volume which then dried up at .
Price then re-tested the low at  before a weak rally to .
It then followed a similar pattern: gapping down on strong volume at ; re-testing the low at ; before a weak rally to .
Volume dropped off at  and SGB has again retreated.
Westpac: A break below 16.04 would be bearish; a rise above 16.85 bullish.
St George: A break below 21.16 would be bearish; a rise above 22.00 bullish.
to invent him a sentence to be ever in view,
and which should be true and appropriate in all times and situations.
They presented him the words: 'And this, too, shall pass away.'
How much it expresses! How chastening in the hour of pride!
How consoling in the depths of affliction!
~ Abraham Lincoln: September 1859.
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