<font color=green>Comments about the Weekend Index Review
The Dow Industrials
On the Daily Chart,
the break above the 10,260 resistance is clearly bullish.
The Buy Signal (20 day MA) was confirmed (DMI) about a week ago.
ADX starting to rise, suggesting the MACD is the indicator to watch, and the MACD looks bullish.
Stochastic is up in the overbought zone, but it could nest up there, and the rally could continue for some time.
Chart looks bullish to me, with nothing to suggest (in this chart) we're at the top.
On the Weekly,
we're clearly still well-within the narrower of the two downtrend channels.
As I see it, we've got to clear 10,500 to break above the inside (blue) channel, and go above 11,000 to break above the two-and-a-half year (red) downtrend channel. Seems a little early to be getting all bullish, to me.
Yes, we've just had a Buy Signal.
The MACD and Stochastic both did abrupt bullish turns last week, based on .... something, I guess.
This must have been good news for the funds who are desperate for new money. Investors better get in there fast because this is going to the moon. I'm sure that's why we're hearing there's been a lot of Insider Selling. The CEOs are just trying to give everyone else a chance to own these wonderful, undervalued stocks.
I think there's a whole lotta spin going on.
I'll be happy if it works and a sustained rally ignites.
It's much easier for me to make money in a predictable, bull market.
The Nasdaq Composite
On the Daily,
price is right at the 20 day MA. This may be resistance, so price may bounce lower again, but if it continues to rally on Monday, price will get some distance above the 20 day MA, and it will become support.
A DMI confirmation of a Buy Signal has not occurred, yet.
ADX falling, Stochastic rising.
CMF persistently negative.
If the ADX and MACD both turn north, I'd look to re-enter some tech positions.
For now, I'll wait for the chart to evolve further.
On the Weekly,
the first thing is that the Sell Signal is intact.
Price is below the 20 week MA and +DI is below the -DI.
1720 support held.
ADX appears to be rising and MACD appears to be falling.
That's bearish and it makes me want to be very cautious where tech is concerned.
The TSE300
On the Daily,
we clearly broke up out of that downtrend channel. That's bullish.
Price and DMI are giving a Buy Signal.
ADX seems to be rising and so does MACD. That's bullish.
The only concern I see on the chart is that Stochastic has risen into the overbought zone. If the ADX continues to rise, I'd ignore Stochastic for now. Look to the MACD for signals.
On the Weekly,
there's been some indecision showing. Sell, no wait ... buy.
The indicators have that abrupt turn last week. That's unpredictable and therefore the chart is unreliable, for now.
With the TSE300 blend of financial, technology, gold, and oil stocks, we may be in for more abrupt swings.
I think I'll wait for this to evolve further, as well.
Cush |
