Hit Resistance. Tuesday Evening Liqueurs. 6 October, 2015.

October 6, 2015 Leave a comment

XJO flew out of the box today, hit a high just before 11.00 a.m. and then fell backwards.  The Index finished up +0.33% after beomg up over +1% in the first hour.  The chart is left with a shooting star candle which has possible bearish implications.  One day candles are not good indicators, we need to see a big down day tomorrow to think that today’s action was a bear signal.

Screen Shot 2015-10-06 at 10.19.29 PM

Clearly, the Index hit the 50-Day MA and reversed.  That’s not to be unexpected.  That level was also around the pivot high of 9 September.  So we had dual resistances – always hard to overcome.

I’ve been warning recently that there is plenty of overhead resistance to be overcome.  Today was a great example of how difficult the road ahead might be.  But a bull market is built on a “wall of worry”.

We may have a problem here known as the ‘recency effect’.  We’ve been conditioned recently to presume that markets will fall.  Maybe that’s a reasonable assumption.  But maybe it should be viewed with some skepticism.

The past two days in the American market suggest that something important has changed in the market.  A huge reversal day on Friday, then a gap up on Monday with good follow through, and a reduction to minimal numbers in New Lows on the NYSE.

But most people will look at the chart and see that big waterfall down and shudder.  Then every attempt at a rally has fallen since.  Why should we expect anything different now?  Why indeed?  Maybe the American market is giving us a reason.

We also have that false break on 29 September, which quickly pulled up the next day above that important support level.  Another reason to suggest we’ll see a move higher.  False breaks are often accompanied by strong movements in the opposite direction.

So, no matter how much I rationalise and speculate, the market will do what it wants to do.

If we get a big down day tomorrow – then the bears will have their biasses confirmed – and the bulls will be shattered.  They probably are after today.  But that doesn’t mean the market will go down.

Let’s see how tomorrow goes.


Categories: Uncategorized

Cynicism Rules, OK! Tuesday Morning Joe. 6 October, 2015.

October 6, 2015 Leave a comment
Major Indices, Europe and America
Dax +2.74%. UK +2.76%, France +3.54%, Italy +2.73%.  The strong day in Australia +1.86% rolled around the world. First into Asia  (Tokyo +1.58%, Singapore +2.08%, Hong Kong +1.62%India +2.12%).  Then into Europe and the Americans followed.  Dow World Index +1.96%.
Screen Shot 2015-10-06 at 7.55.47 AM

Screen Shot 2015-10-06 at 8.51.04 AM

DJ +1.85%.  SP500 +1.83%.  Nasdaq +1.56%.  New York Composite +1.95%, Russell2000 +2.47%.

It’s easy to get euphoric after a day like today.  Euphoria should lead to cynicism for those who’ve been long time in the markets.  So – should we now be cynical about our cynicism.

So – is this the end of the correction?  I have to think so.  Remember, on Friday, the Dow Jones was down nearly 300 points and then finished up +1.23%.  That’s a massive reversal.  Today, the major indicators had a small gap up – that’s rare.

Let’s have a look at the internals.  I was suspicious about Friday’s big rise because we also saw a drop in the H/L Ratio.  But today we have a strong confirmation of the bullish sentiment in the H/L Ratio.  The NYSE H/L Ratio came in at 71.4% after being at 4.3% on Friday.  New Lows have dropped off from 268 on Friday to just 20 today.

Here’s a chart for the H/L Ratio:

Screen Shot 2015-10-06 at 8.29.15 AM

The trend of lower highs in the H/L Ratio began back in April.  Today broke that down trend to the upside.  This looks better.

Here’s a regular candle stick chart for the SP500:

Screen Shot 2015-10-06 at 9.04.16 AM
The Super Trend Line has been broken to the upside (see the change in colour).  Most indicators still have upside room to move before they are overbought.  MFI is the fly in the ointment.  I’d like to see that performing better.
Those who are still cautious might wait till we see a break above horizontal resistance and the 50-Day MA.  But I’m thinking this looks OK.
Categories: Uncategorized

Whooshka Day. Monday Evening Liqueurs. 5 October, 2015.

October 5, 2015 Leave a comment

XJO up very strongly today +1.9%.  Volume was subdued because of Labor Day Holidays in a number of states.  Volume was like the year-end festive seasons.  So we won’t take much notice of the gross figure.

UpVol/DownVol Ratio was an extremely high 82.3%.  So the smarties down in Victoria (not on holiday) took the opportunity to buy everything worth buying while the rest of the big players had a holiday.

Here’s the XJO chart:

Screen Shot 2015-10-05 at 9.37.02 PM

The downtrend restraining line has broken to the upside – and the chart has hit the first horizontal resistance line.  I usually think that trend lines are less important than horizontal support/resistance lines.  When both break – then we have something worth thinking about.

But – if that resistance line does break – we still have massive overhead resistance to overcome.  If we get above the 50-Day MA and the Super Trend Line we might have a bull market on our hands.

Here’s the Sector Performance Chart for today:

Daily Perf

Everything was up – and up more than 1%.  Great stuff.

The weakest sector was the Financials.  hmmmm.  We need that to be relatively stronger.

Here’s the Relative Strength Chart which shows the performance of the sectors and sub-industry groups relative to the XJO:

Screen Shot 2015-10-05 at 10.01.56 PM

The clear out-performer remains the Gold Mining Index.  It was up +7.51% today, above the 200-Day MA and close to a 52-Week New high.

Amongst the 10 S&P Sectors, the preferred sector remains the Industrial Index.  Financial Index remains below the zero line.

Economic data today was especially strong.  From comsec.com.au:

In economic news, new motor vehicle sales totalled 101,392 in September, up 6.8%on a year ago and the highest ever sales result for a September month. Meantime, Job advertisements rose by 3.9% in September – the strongest gain in 15 months. Job ads have risen in 14 of the last 16 months.

Motor vehicle sales is a litmus test for the economy.  If they’re strong – so is the economy.

On those figures we can forget about a drop in interest rates by the Reserve Bank this year.

Here’s the Relative Strength Performance Chart for the 20 Leaders.

Screen Shot 2015-10-05 at 10.33.40 PM

Most of the stocks are under-performing the XJO (the reference index).

Stand-outs are the two Lowry companies:  WFD and SCG.

Amongst the others, the only one performing relatively strongly is Brambles (BXB).  That belongs to the Industrial Index which is the best performing S&P Sector.

Here’s the Brambles Chart:

Screen Shot 2015-10-05 at 10.39.06 PM

BXB broke out of its trading range today – but it hasn’t been confirmed by the Money Flow Index.  So I think the upside break should be taken with a pinch of salt.

The stock is now almost up to the Super Trend Line.  Given the poor indications from the MFI, the STL might prove a bridge too far.


Categories: Uncategorized

Patience. Weekly Report, week ending 2 October, 2015.

October 4, 2015 Leave a comment


  1. Australian Market:  Weekly Performance Chart
  2. Global Performance: Weekly Chart
  3. Australian Market. XJO – Monthly Chart.
  4. Australian Market. XJO – Weekly Chart.
  5. Australian Market. XJO – Daily Chart.
  6. ASX 100 – Stock Ratings – Best and Worst
  7. America – Daily.
  8. America – Retail Sentiment.
  9. Summing up.
  10. Appendix – Complete ratings for all ASX100 stocks.


Sector perf

The broad market index for Australia (XAO) rose modestly this week +0.25%. Five out of ten S&P Sectors were positive.  Financials turned in a positive week this week, +0.71% and that helped the market into positive territory.  Ignoring Info.Tech, the best performers were the retailers, Consumer Discretionary +2.13% and Consumer Staples +1.44% – no doubt helped by the positive retail sales report.

Health was the worst performer -2.8%, followed by the perennial dog, Energy -0.99%.


Sector Rating

This chart takes a medium term and long term view of the various sectors, while the Weekly Performance Chart above takes a short term view.

Ratings are based on performance compared to the ASX200 over the past 52 Days (Medium Term) and 52 Weeks (Long Term).

Industrials is the best performer in both the medium term and long term.  XNJ is a little ahead of Utilities (XUJ) in both time scales.  It might pay, for those who must trade in this market, to look for opportunities in XMD (Mid-Cap 50)  for stocks in those two Sectors.  Gold Mining is the clear leader in the Industry group.  Look for opportunities there in the Small Caps and mid-Caps.

Avoid stocks which are below the zero line on a medium term basis.


Global Perf

Global markets were mixed this week.  Australia performed more or less in the middle range of the global markets, XJO rose modestly +0.2%. Emerging Markets +4.44% reversed the big loss of the previous week.  It is still too early to think that the worst is over for Emerging Markets.  Global Dow was positive +0.79%.  UK also rose modestly, +0.34%.  Germany -1.4%, China -1.14% and Japan -0.87%.  Germany is still feeling the effects of the Volkswagen scandal.

All these markets are in medium term down trends.


Screen Shot 2015-10-04 at 2.19.37 PM

The XJO is sitting on Major Support.  A monthly close below that line would be seriously bearish.

Already, the Detrended Price Oscillator is in bear territory.  This needs to break back above the zero line before considering re-entering the market on a long-term basis.

The Dynamic Stochastic is down at 16.01.  This needs to get back above 20 and the lower band of the two Dynamic Bands.

The chart is down at the lower Bollinger Band for the first time since 2011.

Is the glass half-full or half-empty?  Choose your personality style:    The optimist will look at these indicators and say the market can’t go down much more, I’m going to buy.  The pessimist will say it could keep on going down and down for a long time yet, I’ll go to cash.  The realist will say – I’ll wait and see if this turns up before re-entering.


Screen Shot 2015-10-04 at 2.37.49 PM

Horizontal support around the 4980 level has now held for six weeks.  We’ve had a couple of tentative breaks lower but each time the market has recovered.  This week’s candle is an indecisive doji candle.  Watch for a break either up or down.

The Dynamic Zone Stochastic is interesting.  It is now in a tight squeeze.  If this breaks upwards above the upper Dynamic Band, then the medium term trend could be over.  It could, of course, break lower.  Or stay within the tight squeeze for a few more weeks.  Patience is required here.

The long term Stochastic (50,10,10) is getting close to oversold territory – but could remain there for some time.

The DPO remains well into bearish territory.  Until it breaks back above, at least, its 20-Week MA (mid-line of the Bollinger Bands), it’s best to consider the bear is still in charge.


Screen Shot 2015-10-04 at 2.45.09 PM

Recent activity in the XJO has taken on the appearance of a descending triangle.  These have a 2/3 chance of breaking lower, and 1/3 chance of breaking higher above the restraining line of the descending triangle.  If we get a break higher, we should see a substantial rally.

This week, we saw a false break below support, which was recovered the next day.  False breaks often result in strong reversals to the upside.  So, if we break above both horizontal resistance, and the short term oblique restraining line marked on the chart, we could see a tradable rally to the upside.  But – the Index still has formidable resistance overhead.


Below are listed the Ten Best Stocks and Ten Worst Stocks in the ASX100.

  1. TPG – TPM Telecom.  Above 200-Day MA. New 52-Week High.
  2. MPL – Medibank Private.  Above 200-Day MA.
  3. GNC – Grain Corp.  Above 200-Day MA.
  4. IPL – Incitec Pivot. Above 200-Day MA.
  5. NCM – Newcrest.  Below 200-Day MA.
  6. TWE – Treasury Wines.  Above 200-Day MA. New 52-Week High.
  7. REC – Recall Holdings.  Above 200-Day MA.
  8. ALL – Aristocrat Leisure.  Above 200-Day MA. New 52-Week High.
  9. REA – Real Estate Services Group.  Above 200-Day MA (just).
  10. QAN – QANTAS.  Above 200-Day MA.

The ratings provide a medium term guide as to performance.  The 200-Day MA provides a dividing line between long term bull/bear market.   Nine out of ten are above their 200-Day MA.  This gives some idea of how important the 200-Day MA can be.  It is a blunt instrument – but provides an initial guide.  (Compare the results for this group, with the group below.)

Ten Worst Stocks (Starting with the lowest rated):

  1. ORG – Origin Energy.  Below 200-Day MA.  New 52-Week Low.
  2. STO – Santos.  Below 200-Day MA.  New 52-Week Low.
  3. WOR – Worley Parsons.  Below 200-Day MA.  New 52-Week Low.
  4. S32 – S32.  Below 200-Day MA.  New 52-Week Low.
  5. CSR – CSR. Below 200-Day MA.  New 52-Week Low.
  6. AWC.  Alumina.   Below 200-Day MA.  New 52-Week Low.
  7. ANN – Ansell.  Below 200-Day MA.
  8. BLD – Boral. Below 200-Day MA.  New 52-Week Low.
  9. PRY – Primary Health Care.  Below 200-Day MA.  New 52 Week Low.
  10. LLC – Lend Lease.  Below 200-Day MA.  New 52 Week Low.

None of the 10-Worst is above the 200-Day MA and nine out of ten registered new 52-Week Lows this week.

Of the ASX100, 47% register above the Zero Line on the Detrended Price Oscillator (Zero being the line between bearish and bullish).  DPO is a medium-term indicator.  That’s a big improvement over the 33% recorded the previous week.  This suggests there is some internal strength appearing in the market not revealed by the modest 0.2% increase in the XJO this week.

24% are above the 200-Day MA.  That compares to 20% the previous week  The 200-Day MA is a long-term indicator. That’s not much of an improvement in the long term picture.  So we can presume we have a counter trend rally in place at this time.  Until we have 50% of the stocks above the 200-Day MA – we are still in a bear market.

Six stocks recorded new 52-Week Highs this week.  23 stocks recorded new 52-Week Lows this week.  That gives us a new H/L Ratio of 20.7%.  Until we get that above the mid-line (50%) we’ll have to presume we’re still suffering bearish pressure.

So, what do we do with this information?

Firstly, only consider strong stocks.  My preference would be to look at the 10 Strongest Stocks above (or other stocks that are very close).  Certainly, avoid any very weak stocks (e.g., the ten weakest shown above.)

Second, in a bear market a stock in a sideways consolidation or a weak uptrend could still show a strong rating compared to the ASX100.  Avoid any stock in a long sideways consolidation or weak uptrend.  This can be done simply by a visual check or by looking at an objective measure such as the ADX.  If the ADX on the stock is below 20 – discard.

Third, only consider stocks that are above zero on the Detrended Price Oscillator and above the 200-Day Moving Average.

Finally – buy the dips.  One way of judging this would be to use Stochastic or Dynamic Zone Stochastic.  Wait for it to dip into the bearish zone then rise above it.

Given that our market is in a serious correction, medium term traders/investors might well say – no not for me.  I’ll wait until things improve.  Fair enough.


Here’s the daily Chart for the SP500:

Screen Shot 2015-10-04 at 3.27.57 PM

The Index has bounced sharply upwards after looking like testing the major horizontal support line.

DPO is close to moving into bullish territory.

Friday’s action was dramatic.  The Dow Jones was down nearly 300 points at opening after a very poor Employment Report.  It quickly rose upwards and finished up +1.43%.

I’d treat that figure with respect as N/L Ratio on the NYSE fell to 4.3% from 5.5% the previous day, i.e., New Lows increased while the market rose.  Computer says:  Does not Compute.  H/L Ratio is not confirming the big up day.


Screen Shot 2015-10-04 at 3.35.37 PM

The above chart is developed from data collected by the American Association of Individual Investors.  AAII survey members each week to determine whether they are bullish, bearish, or neutral.  The above chart shows the net difference between bullish and bearish responses.  This data comes out on Thursday, so it lags events in the American market.

Sentiment fell into bearish territory this week, but is still well above the level seen back in 2013.  Until we get all the bulls washed out of the retail investors, I doubt we’ll see a meaningful return to bullish conditons.

Maybe this group is a very savvy lot – and those figures are predicting a big rise in the SP500.  That’s not usually what happens with this group.

Summing up:

World markets are in bearish trends and currently in short term consolidation patterns at the low ends of those trends.

Currently, the Australian market is undergoing a big correction.  Only 24% of stocks from the ASX100 are above the 200-Day MA.  That’s an extremely bearish reading.  If we climb back above 50%, we can consider the correction over.

The H/L Ratio on the ASX100 confirms those figures.  New H/L Ratio 20.7%.

There are some signs that we could see a meaningful rally in the near future.  The major horizontal support line is currently holding after six weeks of testing.   This week saw a false break below that support level, but the XJO recovered the next day.  False breaks often result in swift moves to the upside.

The Dynamic Zone Stochastic has squeezed tightly together.  A break higher from that squeeze could result in a meaningful rally.

It’s possible, of course, for the market to turn lower and break support.  If that happens we’ll be looking probably at another serious down-leg.




Below are relative strength ratings and other information on the 100-Leaders (ASX100).

New Highs & New Lows Stock RS DPO 200 MA
AGL 0.163 Neg Yes
AIO 0.6362 Pos Yes
52 Week high ALL 0.9471 Pos Yes
ALQ 0.13 Neg No
AMC 0.3317 Pos No
AMP -0.2801 Neg No
ANN -1.1019 Neg No
ANZ -0.302 Neg No
APA 0.3931 Pos No
AST 0.6634 Pos No
ASX -0.0171 Neg No
52 Week Low AWC -1.1493 Neg No
AZJ 0.4239 Pos Yes
52 Week Low BEN -0.7538 Neg No
52 Week Low BHP -0.403 Neg No
52 Week Low BLD -1.0606 Neg No
52 Week Low BOQ -0.4438 Neg No
BSL 0.0917 Neg No
BXB 0.2637 Pos No
CAR 0.3751 Pos No
52 Week Low CBA -0.1795 Neg No
CCL 0.8711 Pos No
CGF 0.6213 Pos Yes
52 Week High CIM 0.8035 Pos Yes
COH -0.0273 Neg No
CPU 0.2589 Pos No
CSL -0.0189 Neg No
52 Week Low CSR -1.1894 Neg No
CTX 0.2239 Pos No
52 Week Low CWN -0.6585 Neg No
DLX 0.074 Neg No
DMP 0.5623 Neg Yes
DOW 0.1953 Pos No
DUE 0.4567 Pos No
DXS 0.0066 Neg No
EGP 0.3322 Pos Yes
FDC 0.3358 Pos No
FLT 0.8634 Pos No
FMG 0.2329 Neg No
FXJ 0.7627 Pos No
GMG 0.0415 Neg No
GNC 1.4863 Pos Yes
GPT 0.5306 Pos Yes
HGG 0.4899 Pos Yes
HSO 0.033 Neg No
HVN -0.606 Neg No
52 Week Low IAG -0.5077 Neg No
IFL 0.1661 Neg No
ILU -0.7288 Neg No
IOF 0.5388 Pos yes
IPL 1.4596 Pos Yes
JBH 0.3372 Pos No
JHX 0.019 Neg Yes
52 Week Low LLC -0.8108 Neg No
MFG 0.7857 Pos Yes
MGR 0.1116 Neg No
MPL 1.5553 Pos Yes
MQG 0.2129 Pos No
MTS 0.6859 Pos No
52 Week Low NAB -0.0613 Neg No
NCM 1.4363 Yes No
NVT 0.3593 Pos No
52 Week High ORA 0.801 Pos Yes
52 Week Low ORG -2.5327 Neg No
52 Week Low ORI -0.2567 Neg No
OSH 0.7043 Pos No
52 Week Low PPT -0.0211 Neg No
52 Week Low PRY -0.8229 Neg No
QAN 0.8924 Pos Yes
QBE -0.2353 Neg No
REA 0.9133 Pos Yes
REC 1.066 Pos Yes
RHC -0.2009 Neg No
52 Week Low RIO 0.0368 Neg No
RMD 0.3543 Pos No
52 Week Low S32 -1.2117 No No
SCG 0.6289 Pos Yes
SGH 0.0798 Pos No
SGM -0.0826 Neg No
SGP 0.0781 Neg No
SHL -0.5895 Neg No
SKI 0.2904 Neg No
52 Week Low STO -2.0502 Neg No
52 Week Low SUN -0.2783 Neg No
52 Week High SYD 0.7676 Pos Yes
TAH 0.5517 Pos No
TCL 0.5349 Pos Yes
TLS -0.1196 Neg No
TPI 0.4957 Pos No
52 Week High TPM 1.6158 Pos Yes
TTS 0.5118 Pos No
52 Week High TWE 1.3459 Pos Yes
52 Week Low WBC -0.2029 Neg No
WES 0.1471 Neg No
WFD 0.6472 Pos Yes
52 Week Low WOR -1.3787 Neg No
52 Week Low WOW 0.1255 Neg No
52 Week Low WPL -0.2294 Neg No
Categories: Uncategorized

Jobs Report, Saturday Morning Joe, 3 October, 2015.

October 3, 2015 Leave a comment
Major Indices, Europe and America
Dax +0.46%. UK +0.95%, France +0.73%, Italy +1.19%.  The Europeans showed intra-day buying which came as a result of the big positive reversal in the American market which recovered soon after the Jobs Report was out.
Screen Shot 2015-10-03 at 10.45.37 AM

Screen Shot 2015-10-03 at 10.50.27 AM

DJ +1.23%.  SP500 +1.43%.  Nasdaq +1.74%.  New York Composite +1.55%, Russell2000 +1.51%.  The Dow Jones was down nearly 300 points at the opening after a poor Jobs Report, but quickly recovered to be up about 200 points at the close. That’s a massive turn around.

I’d take the positive % numbers out of America with a pinch of salt, as New Lows actually increased on the NYSE and remained flat on the Nasdaq.  NYSE H/L Ratio came in at just 4.3%.  It was 5.5% yesterday.  Nasdaq H/L Ratio was 7%.  Yesterday it was 9.01%.  We need to see much better figures than that before throwing our hats in the air.

Here’s a regular candle stick chart for the SP500:

Screen Shot 2015-10-03 at 11.00.50 AM
We’ve now had four days up in a row – and back to the 20-Day MA.  The market now faces a big test.  At least a pause seems in order.  If the market can get over the 20-Day, it still faces big overhead resistance:  50-Day MA, Super Trend Line, the upper Bollinger Band, and the mid-September highs.  It might get up to those, but those will provide a huge hurdle to overcome.  I think we’ll continue to see basing action, i.e., staying in the range.
Categories: Uncategorized

20-Day MA looms. Jobs Report tonight. Friday Morning Joe. 2 October, 2015.

October 2, 2015 Leave a comment
Major Indices, Europe and America
Dax -1.57%. UK +0.18%, France -0.65%, Italy -0.71%.  The Europeans saw strong intra-day selling around the 20-Day MA.  That’s not a good sign.
Screen Shot 2015-10-02 at 9.35.53 AM

Screen Shot 2015-10-02 at 9.38.39 AM

DJ -0.08%.  SP500 +0.2%.  Nasdaq +0.15%.  New York Composite +0.22%, Russell2000 -0.28%.  The American indices were more or less flat after being well down in the lunch session.

NYSE H/L Ratio came in at just 5.5%.  Nasdaq H/L Ratio was 9.01%.  We need to see much better figures than that before throwing our hats in the air.

The American markets were affected largely by a poor manufacturing index reading.  Last month was 51.1:  this month 50.2 against an expected 50.6.  Friday is Jobs Report Day.  A poor figure in that and the Fed could be revising their desire for a rate rise.

Here’s a regular candle stick chart for the SP500:

Screen Shot 2015-10-02 at 9.56.59 AM
Today’s hangman candle puts the previous three-day bullish reversal pattern in doubt.  A down day tomorrow would be very negative:  a bearish reversal after a bullish reversal.
US$ and Hard Commodities:
Screen Shot 2015-10-02 at 9.59.58 AM
U.S.$ -0.04%.  Commodities show steep intra-day selling.  Base Metals -79%, Energy -1.47% and Gold -0.12%.   Gold seems to be heading back to the lower end of its trading range.  Iron ore +0.2% to finish at 54.5.
Ozzie Dollar +0.16% and finished at 70.27.
EWA (ETF for Ozzie stocks on the NYSE) was up +0.84%.
Other Ozzie Stocks in New York:  BHP +1.49%, Rio -0.18%, Westpac +0.38%, ANZ +1.42%, Resmed +0.57%, Newscorp +0.39%.
Economic news today – Retail Sales Report.  That’s likely to have an effect on Consumer Staples and Consumer Discretionary and possibly the Banks.
Categories: Uncategorized

Second day up. Thursday Evening Liqueurs. 1 October, 2015.

October 1, 2015 Leave a comment

The XJO continued its rebound today, up +1.8% after the previous day’s +2.1%. That’s almost +4% in two days.

Volume today was below average. That probably means that trading was mostly done by institutions (professionals) while retail investors (amateurs) remained on the side lines. That’s a positive for the market.

Here’s a Heiken-Ashi Chart for the XJO:

Screen Shot 2015-10-01 at 9.08.14 PM

Today’s Heiken-Ashi Candle is a flat-bottomed candle with an upper tail.  That indicates that the Index is in a short term upside movement.

That doesn’t mean that anything much has changed in the bigger scheme of things.

The Chart remains below the descending trend-line from 28 August.  The Detrended Price Oscillator remains below Zero but getting close to an upside break-out.  Dynamic Zone RSI is above its upper band – so we could see more upside if this is a momentum movement.

Until we see at least a break to the topside of the 50-Day MA, I think this market continues to deserve respect – bearish respect.


Categories: Uncategorized

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