| Weekly Trend: | Up |
|
| Daily Trend: | Up |
|
| Daily Momentum: | ___ | Up |
A solid upside move today although not overly supported by volume. US futures in night trading are quite strong, currently suggesting a 100-pt rise in the Dow Jones, but I’m not sure the reason behind it. Markets can extend higher on low volumes but without fuel driving them higher it’s difficult to retain confidence that strength can be maintained. As usual, we’ll heed the warning signs but go with the flow, which is now clearly up on most measures. The market is still at an over bought level and still has some horizontal resistance above. If we can clear that resistance I’ll feel slightly more comfortable, but we still need to be cautious of US earnings and now domestic reporting as well – RIO and NWS on Thursday being this weeks most important.
Facebook comments: