Incredible Charts version 184.108.40.2060
October 9, 2004
The Dow Industrial Average encountered resistance at 10200, with a weak close on Monday. Strong downward bars on Thursday and Friday precede another test of support at 10000. Penetration of this level would likely reach 9800. A successful test of support would be a long-term bull signal.
Twiggs Money Flow remains bearish, having fallen sharply since the beginning of the year.
The primary trend remains downward.
Twiggs Money Flow whipsaws around the signal line, reflecting indecision.
The long-term consolidation around 1100 continues. Falling troughs signal weakness but there is no clear breakout as yet.
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The yield on 10-year treasury notes appears headed for another test of support at 4.00%. Weaker than expected increases in non-farm payrolls support the view that the Fed will have to be cautious with further rates increases.
The yield differential (10-year T-notes minus 13-week T-bills) is at 2.5%. Differentials below 1.0% are long-term bear signals.
New York: Spot gold has rallied to close the week at $422.30.
A pull-back that respects support at $410 would be a further bull signal.
Expect resistance at the 10-year high of $427.25.
Increased volume on the All Ordinaries, accompanied by weak closes on Wednesday and Thursday, signaled profit-taking. The further that price climbs above a base, the scarcer buyers become on dips, and the more ready sellers there are at the first sign of weakness. The result is shorter rallies and longer corrections.
Friday's strong close on a red candle may herald a test of support at 3660.
The All Ords is in a strong primary up-trend. However, we should allow for a test of support at 3550 in the medium-term; and 3450 in the longer-term.
Incredible Charts offers a new securities menu, making it easier to browse for stocks.
All menus are now ordered alphabetically, so that stocks are easier to find than on the old menus, ordered by sectors.
Australian sectors and industry groups are available on the stock screens, and can be saved as watchlists for easy scrolling.
We are still seeking a reliable source for US sector allocations.
Browsing for Securities
To browse for securities, select Securities then a loaded
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Sectors and Indices are kept in separate folders for easy access:
- US indices are in the Indexes menu
- Australian indices are on the Australia menu
The original source appears to be Russell Sage, a wealthy US investor from the early 20th century.
The first rule is, to keep an untroubled spirit;
for all things must bow to Nature's law,
and soon enough you must vanish into nothingness.
The second is to look things in the face and know them for what they are,
remembering that it is your duty to be a good man.
Do without flinching what man's nature demands;
say what seems to you most just - though with courtesy, modesty, and sincerity.
~ Marcus Aurelius