2 October 2009 – Daily trend turn down

ASX Commentary

2 October 2009 – Daily trend turn down

Sat, Oct 3, 2009

The employment data was taken in stride. It seems most of the reaction took place yesterday. The question remaining is whether or not that selloff has been enough to change the near term trend. Time will tell but as you can see above the Daily trend filter has now turned down with momentum being the weakest since early September. With the daily trend now down we stand aside from any new long trades. In the last week most open trades have been closed out at breakeven or slightly better. Its now time to await confirmation on the next trend before adding new trades.

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This post was written by:

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

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