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Trading Diary
February 2, 2004
These extracts from my daily trading diary are
for educational purposes and should not be interpreted as
investment advice. Full terms and conditions can be found at
Terms
of Use .
USA
The Dow Industrial Average closed almost unchanged at 10499,
after testing support and resistance on low volume. The
consolidation continues. A fall below Thursday's low of
10417 would signal a re-test of support at 10000.
Despite the down-turn, Twiggs Money Flow (100) continues to
signal accumulation.
The primary trend is up. A fall below support at 9600 would signal reversal.
The primary trend is up. A fall below support at 9600 would signal reversal.
The Nasdaq Composite continues to consolidate, closing down
slightly at 2063 on lower volume.
The intermediate trend is uncertain. Initial support is at 2000, resistance at 2300. A fall below Thursday's low of 2041 will signal the start of a down-trend.
The primary trend is up. A fall below support at 1640 will signal reversal.
The intermediate trend is uncertain. Initial support is at 2000, resistance at 2300. A fall below Thursday's low of 2041 will signal the start of a down-trend.
The primary trend is up. A fall below support at 1640 will signal reversal.
The S&P 500 also continues to consolidate, retreating to
close at 1135. Strong volume and a weak close signal selling
pressure.
The intermediate trend is up, with resistance overhead at 1175.
Short-term: Bullish if the S&P500 is above 1155. Bearish below Thursday's low of 1122.
The intermediate trend is up, with resistance overhead at 1175.
Short-term: Bullish if the S&P500 is above 1155. Bearish below Thursday's low of 1122.
The primary trend is up. A fall below 960 would signal
reversal.
Twiggs Money Flow (100) continues to signal accumulation.
Intermediate: Bullish above 1155.
Long-term: Bullish above 1000.
Twiggs Money Flow (100) continues to signal accumulation.
Intermediate: Bullish above 1155.
Long-term: Bullish above 1000.
The Chartcraft NYSE Bullish % Indicator is down
at 84.80%.
Manufacturing up
The ISM manufacturing index recorded a slight rise to 63.6 in January. A reading above 50 signals expansion. (more)
The ISM manufacturing index recorded a slight rise to 63.6 in January. A reading above 50 signals expansion. (more)
Treasury yields
The yield on 10-year treasury notes eased higher to 4.151%. The weak close is a bullish sign.
The intermediate trend is up and likely to re-test resistance levels at 4.4% to 4.5%.
The primary trend is up. A close below the September low of 3.93% would signal reversal.
The yield on 10-year treasury notes eased higher to 4.151%. The weak close is a bullish sign.
The intermediate trend is up and likely to re-test resistance levels at 4.4% to 4.5%.
The primary trend is up. A close below the September low of 3.93% would signal reversal.
Gold
New York (13.00): Spot gold plunged to 394 before recovering to $399.20, just below resistance at 400.
The intermediate trend is down.
The primary trend is up.
New York (13.00): Spot gold plunged to 394 before recovering to $399.20, just below resistance at 400.
The intermediate trend is down.
The primary trend is up.
ASX Australia
The All Ordinaries is consolidating at the current level, closing
at 3287 on lower volume.
The intermediate trend is uncertain. A fall below 3271 would signal a down-trend, with a likely test of support at 3160.
Short-term: Bullish above 3350. Bearish below 3271 (Thursday's low).
The intermediate trend is uncertain. A fall below 3271 would signal a down-trend, with a likely test of support at 3160.
Short-term: Bullish above 3350. Bearish below 3271 (Thursday's low).
Twiggs Money Flow (100) is headed for a test of its 3-month
support level.
The primary trend is up. A fall below 3160 (the October 1 low) would signal reversal.
Intermediate term: Bullish above 3350. Bearish below 3160.
Long-term: Bearish below 3160.
The primary trend is up. A fall below 3160 (the October 1 low) would signal reversal.
Intermediate term: Bullish above 3350. Bearish below 3160.
Long-term: Bearish below 3160.
About
the Trading Diary has been expanded to offer further
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archives.
Colin Twiggs
Once we realize that imperfect understanding is the human
condition
there is no shame in being wrong, only in failing to correct our mistakes.
~ George Soros
there is no shame in being wrong, only in failing to correct our mistakes.
~ George Soros
Stock Screens: Indexes
Dow Jones Industrial Average and S&P
500 have been added to the list of Indexes.
If you screen US stocks you can now restrict your search to
components of either of these indexes.
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You can now view back issues at the Daily Trading Diary Archives.
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