GDP rises but Dow hesitant
By Colin Twiggs
October 28, 2016 9:30 p.m. EDT (12:30 pm AEST)
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.
Dow Jones Global Index continues to test support at 316. Respect of the rising trendline followed by recovery above 328 would complete a bullish inverted scallop (like an upside-down fish hook) signaling another strong advance. Breach of 316 is equally likely, however, and would offer a target of 290/300.
North AmericaQuarterly GDP improved to an annual rate of 2.8%, following the recent rise in private weekly earnings.
Bellwether transport stock Fedex respected its new support level at 170. Follow-through above 180 would confirm a primary advance, indicating rising economic activity in the US.
Bearish divergence on Twiggs Money Flow continues to warn of long-term selling pressure on the Dow Jones Industrial Average. Breach of 18000 would warn of a test of primary support at 17000. Recoverty above 18500 is less likely but would signal another primary advance.
The ASX 200 is headed for a test of primary support at 5200. Breach is likely and would signal a primary down-trend. Declining Twiggs Money Flow, below zero, warns of strong selling pressure.
Nature smiles at the union of freedom and equality in our utopias. For freedom and equality are sworn and everlasting enemies, and when one prevails the other dies.
~ Will Durant, The Story of Philosophy