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S&P 500 finds support

By Colin Twiggs
February 10th, 2014 3:00 am ET (7:00 pm AEDT)

These extracts from my trading diary are for educational purposes. Any advice contained therein is provided for the general information of readers and does not have regard to any particular person's investment objectives, financial situation or needs and must not be construed as advice to buy, sell, hold or otherwise deal with any securities or other investments. Accordingly, no reader should act on the basis of any information contained therein without first having consulted a suitably qualified financial advisor. Full terms and conditions can be found at Terms of Use.


Research & Investment: Performance update

ASX200 Prime Momentum strategy returned +28.65%* for the 12 months ended 31st January 2014, outperforming the benchmark ASX200 Accumulation Index by +17.59%. The S&P 500 strategy, started in November 2013, returned 3.21% for the first 3 months, outperforming the S&P 500 Total Return Index by 1.21%.

* Results are unaudited and subject to revision.

S&P 500 finds support

The S&P 500 hammer candlestick on the weekly chart indicates support at 1750 and the secondary trendline. Follow-through above 1800 would strengthen the signal, suggesting an advance to 2000*. Breakout above 1850 would confirm. Recovery of 13-week Twiggs Money Flow above 40% (the most recent high) would indicate that the correction is over. Breach of 1750 seems unlikely, but would warn of a test of the primary trendline, around 1700.

S&P 500

* Target calculation: 1850 + ( 1850 - 1700 ) = 2000

CBOE Volatility Index (VIX) retreated below 20, suggesting low risk typical of a bull market.

VIX Index

I sincerely believe.... that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.

~ Thomas Jefferson

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