Confusing signals being offered at the moment. The Dow Jones Transports continued to surge ahead on Friday even though the more watched Industrials stumbled a little. This will be an interesting tussle, but technically it suggests the market will continue to firm up. However, we have triple divergence here on the ASX, meaning we’ve got three probes into new high ground but the divergence indicator is rolling over. Triple divergences are cause for concern. The market also closed very weak amid concerns about some trade hassles between the US and China over the weekend and many citing protectionism as a stumbling block for an ongoing economic recovery. Also adding to the negative side of the page is the September seasonal weakness, the re-weighting of the FTSE index (apparently worth $2 bill of equities selling in Australia) and a slew of economic data being released in the US this week.I would suggest volatility will be the name of the game…
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