September 24 2009 – Negative US lead

ASX Commentary

September 24 2009 – Negative US lead

Thu, Sep 24, 2009

Quite a negative session in the US last night with a few key technical signals heeding a warning (refer tonights Dow Jones review in Global Markets). As a result I have taken a 20% hedge against my own exposure and will add to that if price weakness follows through. The ASX is looking a little tired, although on so many occasions in the past when its looked tired, it moved higher yet again. The daily and weekly trends remain firmly up but daily momentum is now DOWN. I will also say that there is Type-B Bearish Divergence in place. This is not our strongest, but coupled with the US signals plus momentum turning into the red, I am watching closely.

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Nick Radge - who has written 899 posts on The Chartist.

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