Data Service Interruption / S&P 500 makes new high
By Colin Twiggs
September 29, 2017 9:00 p.m. EDT (11:00 a.m. AEST)
Please note changes to the Disclaimer
Colin Twiggs is a director of The Patient Investor Pty Ltd, an Authorised Representative (no. 1256439) of MoneySherpa Pty Limited which holds Australian Financial Services Licence No. 451289.
Everything contained in this web site, related newsletters, training videos and training courses (collectively referred to as the "Material") has been written for the purpose of teaching analysis, trading and investment techniques. The Material neither purports to be, nor is it intended to be, advice to trade or to invest in any financial instrument, or class of financial instruments, or to use any particular methods of trading or investing.
Advice in the Material is provided for the general information of readers and viewers (collectively referred to as "Readers") and does not have regard to any particular person's investment objectives, financial situation or needs. Accordingly, no Reader should act on the basis of any information in the Material without properly considering its applicability to their financial circumstances. If not properly qualified to do this for themselves, Readers should seek professional advice.
Investing and trading involves risk of loss. Past results are not necessarily indicative of future results.
The decision to invest or trade is for the Reader alone. We expressly disclaim all and any liability to any person, with respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance upon the whole or any part of the Material.
Data Service Interruption
Please bear with us. Our data service has been interrupted, preventing us from delivering data to the charts. We are working on a solution but this may take several hours. Thank you for your patience.
S&P 500 makes new high
The S&P 500 made a new high on Friday, while Twiggs Money Flow rose above its descending trendline, signaling that selling pressure has eased. Expect retracement to test the new support level but respect is likely and would confirm a target of 2600* for the advance.
* Target calculation: 2500 + ( 2500 - 2400 ) = 2600
The Nasdaq 100 has been dragging its feet a bit, still testing resistance at 6000. But Technology stocks are likely to follow the main index, with breakout above 6000 signaling a fresh advance.
Tech giants Amazon and Apple are partly responsible for Nasdaq tardiness, with Amazon retreating from its watershed breakout above $1000. Further decline would be cause for concern — when leading stocks no longer lead — but recovery above $1000 is more likely and would be a bullish sign for the broader market.
In primary bull markets, when things get scary, we simply wait for the fearful to sell out, and then we assume that the main primary trend will resume as expected.
~ E. George Schaefer