8 October 2009 – Moving up

ASX Commentary

8 October 2009 – Moving up

Fri, Oct 9, 2009

Another big session in the market mainly driven by very strong employment data, indeed the unemployment rate dropped and took everyone by surprise. The market ripped higher after the data release. Todays strength turned our daily momentum back to FLAT. The daily and weekly trends remain up.There are no signs of divergence nor red alert bars of price extremes like we had a few weeks ago. We should start seeing a few more buys coming into the picture again as the market tags 12-month highs.

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Nick Radge - who has written 898 posts on The Chartist.

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