ASX falls as Dow weakens
By Colin Twiggs
November 4, 2016 6:30 p.m. EDT (9:30 a.m. AEDT)
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Dow Jones Global Index broke support at 316, signaling a decline to 290/300. Reversal of 13-week Momentum below zero would warn of a primary down-trend. A lot rides on the upcoming election.
Dow Jones Industrial Average broke support at 18000, warning of a test of primary support at 17000. Bearish divergence on Twiggs Money Flow indicates long-term selling pressure. Recovery above 18500 is unlikely but would signal another primary advance.
The S&P 500 broke support at 2100, warning of a test of primary support at 2000. Declining Twiggs Money Flow indicates medium-term selling pressure. Recovery above 2200 is unlikely at present but would signal another advance.
The ASX 200 broke primary support at 5200, signaling a primary down-trend. Decline of Twiggs Money Flow below zero warns of strong selling pressure. Expect retracement to test the new resistance level. Respect would confirm the target of 4750.
ASX 300 Banks Index displays strong long-term selling pressure on Twiggs Money Flow. Breach of 7500 would warn of a test of primary support at 7200.
.....That's plain hokum. It's an old political trick: "If you can't convince 'em, confuse 'em."
~ Harry Truman, September 1948