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Dow Selling Pressure Continues

By Colin Twiggs
September 30, 2016 9:00 p.m. EDT (11:00 a.m. AEST)

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I am not a licensed investment adviser. Everything contained in this web site, related newsletters, training videos and training courses (collectively referred to as the "Material") has been written for the purpose of teaching analysis, trading and investment techniques. The Material neither purports to be, nor is it intended to be, advice to trade or to invest in any financial instrument, or class of financial instruments, or to use any particular methods of trading or investing. Advice in the Material is provided for the general information of readers, viewers and course attendees (collectively referred to as "Readers") and does not have regard to any particular person's investment objectives, financial situation or needs. Accordingly, no Reader should act on the basis of any information in the Material without properly considering its applicability to their financial circumstances. If not properly qualified to do this for themselves, Readers should seek professional advice. Investing and trading involves risk of loss. Past results are not necessarily indicative of future results. The decision to invest or trade is for the Reader alone. I expressly disclaim all and any liability to any person, with respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance upon the whole or any part of the Material.

Global

Dow Jones Global Index is testing resistance at 325. Follow-through above 325 would complete an inverted scallop with a target of 355*. Momentum troughs above zero indicate trend strength.

DJ Global Index

* Target calculation: 325 + ( 325 - 295 ) = 355

North America

The S&P 500 is rising gradually in an upward flag formation. Reversal below 2150 would warn of a test of 2100. Declining Twiggs Money Flow warns of medium-term selling pressure. Breakout above 2200 is unlikely at present but would offer a target of 2400*.

S&P 500 Index

* Target calculation: 2100 + ( 2100 - 1800 ) = 2400

The Dow Jones Industrial Average is testing support at 18000. Bearish divergence on Twiggs Money Flow flags long-term selling pressure. Breach of 18000 would warn of a test of primary support at 17000.

Dow Jones Industrial Average

* Target medium-term: 18500 + ( 18500 - 18000 ) = 19000

Fedex signaled a primary up-trend with breakout above 170. A bullish sign for the economy. Follow-through above 180 would confirm.

St Louis Fed Financial Stress Index

Transport activity is rising. On the other hand, employment data indicates weakness, with average weekly hours worked declining.

Australia

The latest ASX 200 rally is hesitant and bearish divergence on Twiggs Money Flow warns of selling pressure. Breakout above 5600 is unlikely. Reversal below 5200 would warn of a primary down-trend.

ASX 200

* Target calculation: 5400 + ( 5400 - 5100 ) = 5700

The ASX 300 Banks Index respected resistance at 8000. A Twiggs Money Flow peak below zero warns of strong selling pressure. Breach of support at 7500 would warn of another decline. Breakout above 8000 is unlikely.

ASX 300 Banks Index

We are what we repeatedly do. Excellence, therefore, is not an act, but a habit.

~ Will Durant



 
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