USA
The Dow Industrial Average is testing resistance at 10200, within the consolidation pattern that started early 2004. Low volume on the rally signals a lack of commitment from buyers.
The Dow Industrial Average is testing resistance at 10200, within the consolidation pattern that started early 2004. Low volume on the rally signals a lack of commitment from buyers.
The consolidation pattern may result in either an upward or
downward breakout. Confirmation would come from a pull-back that
respects support at 10500, or resistance at 10000,
respectively.
Twiggs Money Flow has formed a double bottom but does not yet signal accumulation.
Twiggs Money Flow has formed a double bottom but does not yet signal accumulation.
The Nasdaq Composite (and NDX) volume for Friday was
incorrect.
Select Securities >> Refresh Current Security From Server or fast key F2 to refresh this.
The primary trend is headed downward. The latest rally is on low volume and appears unlikely to break resistance at 1900.
Twiggs Money Flow (not shown) continues to signal distribution.
Select Securities >> Refresh Current Security From Server or fast key F2 to refresh this.
The primary trend is headed downward. The latest rally is on low volume and appears unlikely to break resistance at 1900.
Twiggs Money Flow (not shown) continues to signal distribution.
Similar to the Dow, the S&P 500 is testing resistance
at the previous peak (of 1100). Falling volume signals a lack of
commitment from buyers.
Twiggs Money Flow (not shown) continues to signal distribution.
Twiggs Money Flow (not shown) continues to signal distribution.
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Treasury yields
The yield on 10-year treasury notes is consolidating in a narrow range above 4.20%; normally a continuation sign in a down-trend.
Expect a re-test of support at 4.00%.
The yield differential (10-year T-notes minus 13-week T-bills) is declining but still healthy at 2.7%.
Low differentials, of below 1.0%, are strong bear signals.
The yield on 10-year treasury notes is consolidating in a narrow range above 4.20%; normally a continuation sign in a down-trend.
Expect a re-test of support at 4.00%.
The yield differential (10-year T-notes minus 13-week T-bills) is declining but still healthy at 2.7%.
Low differentials, of below 1.0%, are strong bear signals.
Gold
New York: Spot gold fell to $402.90. Marginal new highs indicate a lack of commitment from buyers.
New York: Spot gold fell to $402.90. Marginal new highs indicate a lack of commitment from buyers.
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ASX Australia
The All Ordinaries rallied strongly above 3550, on increased volume. The next signal to look out for is a pull-back that respects support at 3550.
The All Ordinaries rallied strongly above 3550, on increased volume. The next signal to look out for is a pull-back that respects support at 3550.
Broadening top formations may break out in
either direction. They are often traded from a reversal at the
upper or lower border, with stops adjusted to protect against a
reversal at the opposite border. Double top or double bottom
reversals near a border provide additional confirmation: see [a]
and [b], [d] and [e], and [f] and [g] on the chart
below.
Note also the consolidations at [c] and [h], accompanied by a bullish pull-back on Twiggs Money Flow, which failed to cross below the signal line. A similar pull-back that holds above 3550 would be a bullish sign.
Note also the consolidations at [c] and [h], accompanied by a bullish pull-back on Twiggs Money Flow, which failed to cross below the signal line. A similar pull-back that holds above 3550 would be a bullish sign.
Windows XP Service Pack 2
Most readers should by now have received the Windows XP update to Service Pack 2.
This includes the new Windows Firewall. If you have not received the update:
Adding Incredible Charts to the new Windows Firewall
Most readers should by now have received the Windows XP update to Service Pack 2.
This includes the new Windows Firewall. If you have not received the update:
-
Go to Start >> Control
Panel >> System
-
Select the Automatic
Updates tab
-
Select Automatic and
click OK.
-
Then go to Start >> All
Programs >> Windows Update
- Select Express Install and click the Install button
Adding Incredible Charts to the new Windows Firewall
-
From your Start button,
select Control Panel >> Windows
Firewall
- On the General tab, select On
- Select the Exceptions tab
-
If IncredibleCharts Pro is not listed
- Select the Add Program button
- Select IncredibleCharts Pro from the Program List
-
Click OK
If necessary, use the Browse button to locate the program.
The normal location is C:\Program Files\Incredible Charts\IncredibleCharts.exe
-
On the Exceptions list,
check the box alongside IncredibleCharts Pro
- Click OK
Outlook Express Service
Pack 2
The update also replaces Internet Explorer and Outlook Express.
You may need to reset your email browser to accept images:
The update also replaces Internet Explorer and Outlook Express.
You may need to reset your email browser to accept images:
- Open Outlook Express
- Select Tools >> Options
- Go to the Security tab
- Ensure that the box under Download Images is not checked
- Click OK
About
the Trading Diary has been expanded to offer further
assistance to readers, including directions on how to search the
archives.
Colin Twiggs
Success is a science:
if you have the conditions, you get the result.
~ Oscar Wilde
~ Oscar Wilde
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