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Trading Diary
September 24, 2002
These extracts from my daily trading diary are
intended to illustrate the techniques used in short-term trading
and should not be interpreted as investment advice. Full terms
and conditions can be found at Terms
of Use .
USA
The Dow appears headed for the 7500 support level, closing down
2.4% at 7683 on strong volume.
The primary cycle trends down.
The Nasdaq Composite Index rallied to test resistance at 1200 before slipping back to close 2 points down at 1182.
The primary trend is down.
The S&P 500 lost 14 points to close at 819. The July support level is 800.
The primary trend is down.
The Chartcraft NYSE Bullish % Indicator reflects a bear confirmed signal, falling to 36% (September 23).
The primary cycle trends down.
The Nasdaq Composite Index rallied to test resistance at 1200 before slipping back to close 2 points down at 1182.
The primary trend is down.
The S&P 500 lost 14 points to close at 819. The July support level is 800.
The primary trend is down.
The Chartcraft NYSE Bullish % Indicator reflects a bear confirmed signal, falling to 36% (September 23).
Rates unchanged
On a split vote, Federal Reserve policy-makers resolve to leave rates unchanged. (more)
Back Issues
On a split vote, Federal Reserve policy-makers resolve to leave rates unchanged. (more)
Gold
New York: The spot gold price tested the $US 328 level before closing at $US 326.10, up 340 cents.
New York: The spot gold price tested the $US 328 level before closing at $US 326.10, up 340 cents.
ASX Australia
The All Ordinaries closed down 13 points at 2988 on average
volume. The next major band of support is at 2909 to
2940.
The MACD (26,12,9) and Slow Stochastic (20,3,3) are below their signal lines. Twiggs money flow signals distribution.
The primary trend is down.
The MACD (26,12,9) and Slow Stochastic (20,3,3) are below their signal lines. Twiggs money flow signals distribution.
The primary trend is down.
Perpetual Trustees [PPT]
After a long stage 2 up-trend PPT appears to be forming a head and shoulders reversal pattern. A break below the neckline would have a target of 23.00 ( 36.00 - 48.00 + 35.00 ). Relative strength (price ratio: xao) has started to weaken.
After a long stage 2 up-trend PPT appears to be forming a head and shoulders reversal pattern. A break below the neckline would have a target of 23.00 ( 36.00 - 48.00 + 35.00 ). Relative strength (price ratio: xao) has started to weaken.
MACD is negative and Twiggs money flow signals distribution. A
break below 36.00 on large volume would be a strong bearish
signal.
Conclusion
Short-term: Short. The Slow Stochastic and MACD are below their
respective signal lines.
Medium-term: Wait for the All Ords to signal a reversal.
Long-term: Wait for a bull-trend on the Nasdaq or S&P 500
(primary cycle).
Colin Twiggs
Thought for the Day:
Every decade has its characteristic folly, but the basic cause is the same:
people persist in believing that what has happened in the recent past
will go on happening into the indefinite future,
even while the ground is shifting under their feet.
- George J Church
Every decade has its characteristic folly, but the basic cause is the same:
people persist in believing that what has happened in the recent past
will go on happening into the indefinite future,
even while the ground is shifting under their feet.
- George J Church
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