| Weekly Trend: | Neutral |
|
| Daily Trend: | Up |
|
| Daily Momentum: | ___ | Neutral |
The market has that heavy feel about it and is just churning back and forth. US indices are knocking up against resistance right here as well as many popular moving averages. Personally I don’t give the moving averages a great deal of weight, but an overbought market trading against resistance within a busy earnings season is cause for caution. The clarity of the trend is also waning with momentum slipping back to neutral. Maybe the market is having a well earned pause after the recent strength, but our more advanced technical analysis suggests a reversal leading to the next leg lower could start right from here. Caution is warranted and that can mean staying aside until clearer signs show.
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Fri, Jul 30, 2010
ASX Commentary