USA
The Dow Industrial Average shows bearish increased volume on the last two days down-swing. Low volume during the rally over recent weeks indicates a lack of commitment from buyers. Twiggs Money Flow reflects this, failing to show any meaningful accumulation.
The Dow Industrial Average shows bearish increased volume on the last two days down-swing. Low volume during the rally over recent weeks indicates a lack of commitment from buyers. Twiggs Money Flow reflects this, failing to show any meaningful accumulation.
The point and figure chart below reflects the long-term trend
(box size 1, reversal 5). The recent consolidation pattern around
10000 reflects market uncertainty. A trough above 10000 would be
a bullish sign, while a peak below this level would be bearish.
The Nasdaq Composite primary trend is headed downward. The
latest rally is testing resistance at 1900, though low volume
indicates that resistance will most likely hold.
Twiggs Money Flow fails to reflect significant accumulation.
Twiggs Money Flow fails to reflect significant accumulation.
The S&P 500 appears headed for a test of resistance at
1150. Low volume in recent weeks signals a lack of commitment
from buyers, with a successful upward breakout unlikely at this
stage. The consolidation pattern continues.
A trough above 1100 would be a bullish sign, while a peak below 1100 would be bearish.
Twiggs Money Flow shows signs of improvement, crossing to above the signal line.
A trough above 1100 would be a bullish sign, while a peak below 1100 would be bearish.
Twiggs Money Flow shows signs of improvement, crossing to above the signal line.
NYSE Bullish Percent
The NYSE Bullish Percent Index rose to 59.24%, close to the start of a bear correction.
The NYSE Bullish Percent Index rose to 59.24%, close to the start of a bear correction.
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Treasury yields
The yield on 10-year treasury notes is consolidating above 4.00%.
Market expectations are for a quarter per cent rise at the Fed's September 21 meeting.
The yield differential (10-year T-notes minus 13-week T-bills) eased to 2.6%.
Low differentials (below 1.0%) are generally bear signals.
The yield on 10-year treasury notes is consolidating above 4.00%.
Market expectations are for a quarter per cent rise at the Fed's September 21 meeting.
The yield differential (10-year T-notes minus 13-week T-bills) eased to 2.6%.
Low differentials (below 1.0%) are generally bear signals.
Gold
New York: Spot gold continues to test support at $400, ending the week at $401.50.
Marginal new highs (May to August) indicate a lack of commitment from buyers.
New York: Spot gold continues to test support at $400, ending the week at $401.50.
Marginal new highs (May to August) indicate a lack of commitment from buyers.
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ASX Australia
Resistance is evident at 3600 on the All Ordinaries with successive weak closes on strong volume. So far buying support has prevented a down-swing. Expect a down-swing next week to test support levels.
Resistance is evident at 3600 on the All Ordinaries with successive weak closes on strong volume. So far buying support has prevented a down-swing. Expect a down-swing next week to test support levels.
The All Ordinaries is in a primary up-trend,
though we can expect a re-test of support at 3450 in the next few
months.
Twiggs Money Flow is cause for concern: turning over below the signal line to signal distribution.
Twiggs Money Flow is cause for concern: turning over below the signal line to signal distribution.
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About
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Colin Twiggs
Markets are constantly in a state of uncertainty and flux
and money is made by discounting the obvious
and betting on the unexpected.
~ George Soros
and money is made by discounting the obvious
and betting on the unexpected.
~ George Soros
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Author: Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.