Chart Watch 2009-03-05

XAO - All Ordinaries 

The DOW closed up overnight 149.82 points to 6875.84 (2.23%) after 5 days of selling.  The Dow failed to break back through 7000. 

The All Ordinaries has  had an un-eventful day failing to regain the lose of the previous trading day.  The XAO closed up 21.2 points to finish at 3147.1 (0.68%).   I was looking for the high of the previous day (3171.4) to be taken out and stick, but our market was a bit more cautious than the DOW and the high for today of 3177.1 failed to hold.

XAO still showing oversold on CCI(14) and Stochastic. 
Shorter term oversold Williams %R (3) and RSI(2) are not.

Today’s headlines
Chinese 8% Growth Target
Housing Sector ‘May have turned corner’
Minemakers launches takeover of Bonaparte

XJI - ASX Information Technology
One of the stronger sectors on the ASX is the XIJ or Information Technology sector.  Support looks to be in at 399 

PAG – PrimeAg
Support now become resistance on this agriculture stock.  3 times the stock price had tested the $1.05 level.  Above average volume today to close a further 5% lower at $0.97

Quick Trends

Symbol	Short Term (10MA)	Medium Term (50MA)	Long Term (200EMA)
XAO	Down	Neutral	Down
XDJ	Down	Neutral	Down
XEJ	Neutral	Neutral	Down
XFJ	Down	Down	Down
XHJ	Down	Up	Down
XIJ	Down	Up	Down
XMJ	Down	Neutral	Down
XTJ	Down	Neutral	Down
XUJ	Down	Down	Down

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Chart Watch 2009-03-03

 

 

 

 

 

   

 

XAO - All Ordinaries

 

The DOW slid to 12-year lows overnight to its first close below 7,000 since May 1997.  The All Ordinaries closed at down 32.4 points to 3171.4 , the lowest level since December 2003.

Two-thirds of the initial loss were regained after the the Reserve Bank of Australia (RBA) kept interest rates on hold at 3.25 per cent, a 45-year low.  Economists are predicting the RBA is leaving itself available to provide further cuts in the near future.

  

AMP - AMP

Anyone interested in catching a knife?

Quick Trends

Symbol	Short Term (10MA)	Medium Term (50MA)	Long Term (200EMA)
XAO	Down	Neutral	Down
XDJ	Down	Down	Down
XEJ	Down	Neutral	Down
XFJ	Down	Down	Down
XHJ	Down	Up	Down
XIJ	Down	Up	Down
XMJ	Down	Neutral	Down
XTJ	Down	Neutral	Down
XUJ	Down	Down	Down

Read more...

Chart Watch 2009-02-22

XAO - All Ordinaries



Not much changed from last Tuesday. Closed on or just below the short term support line. DOW closed Friday down 100.28 (-1.34%), breaching a 6-year low.

Latest news from Business Speculator indicate a week for the bears "With indexes at multi-year lows, the focus will be on battered banks Citigroup and Bank of America, two of the cheapest stocks on the Dow, after a top US senator on Friday said short-term nationalisation for some banks was possible."

CBA - Commonwealth Bank



With banks back in focus in the US next week, watch CBA in our market. The breakout opening price provided support, along with the 50MA. Friday's close was a NR7.


WES - Wesfarmers



Wesfarmers closed above its 50MA for the second time this year, also the second time since August 2008 just after its decline with the rest of the market began. One thing extra to note about this move is the increase in volume. Trend could be turning (not yet though), so I'll keep checking in on this one over the coming weeks.

One chart template I use to indicate a change in trend is the Guppy MMA as displayed below for WES. WES still has a way to turn around the short term moving averages to move above the long term.

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Chart Watch 2009-02-10

XAO - All Ordinaries



With a close +38.30 (+1.12%) yesterday, the All Ordinaries has closed on the November-February trend line. 50MA also resistance at this level with a break targeting 3700.

No lead from wall street over night with the DOW, NASDAQ and S&P 500 closing flat as investor wait for Washington to decide their stimulus package fate, like the Australian.

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Market Glitch?

Below is an image from The Wall Street Journal that shows the data glitch that occurred, causing the sell off to look more dramatic then it really was.



The US market revived as Federal Reserve Chairman Ben Bernanke soothed markets, increasing investor confidence at least for the short term. China, The Dow, S&P 500 and Nasdaq Composite Index were all up yesterday and the ASX is expected to open higher following these recoveries.

"Strategists expect a correction of between 5 and 10 per cent over the next four weeks - similar to that in May and June last year - but emphasised the market's bull run was far from over because the fundamentals remained intact." SMH

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Dow drops 416, ASX drops ?

How is the market going to react today. The DOW dropped 416 points (3.29%), with as much as 546 points during the days trading before recovering. This was the biggest days drop since the Sept. 11, 2001, terrorist attacks.

Trader Mike discusses how traders on the floor alleged bad data with "some sort of technology bottleneck was responsible".

The ASX will be looking at a similar drop based on other markets throughout the world. The NZX 50 as of 11am local time was down 3%.

Sponsored By: Agloco - Own the Internet Get paid to surf the web!

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