| Weekly Trend: | Down |
|
| Daily Trend: | Down |
|
| Daily Momentum: | ___ | Up |
The honeymoon season for US earnings came to an abrupt end on Friday with a savage fall across all US indices. Over the last few weeks we’ve been discussing the low volume rise across the board. Whilst this doesn’t preclude from further rises, it does mean than selling pressure doesn’t have to be overly strong to corrupt the trend – which is what occurred on Friday, yet also shows the nervousness of investors. Todays downside follow through on the local market has changed the daily trend to down once again. If further earnings disappoint then we’re more than likely started that run lower to 3800 – 4000 we’ve been angling for. I’ll be doing a full review of the ASX-200 (XJO) tonight.
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Mon, Jul 19, 2010
ASX Commentary