The World Bank put their stamp of disapproval on the global economy today sending stocks and commodities sharply lower. This comes in the face of our Dow Jones Transports non-confirmation warning a week or so ago. The US indices traded lower on very weak internals; the A/D recorded 82% down issues and 82% down volume. Whilst a minor support ledge was convincingly broken in this fall, another more important support level at 879.0 basis the S&P 500 stands just below. A break of it puts the market into a full corrective movement that would see a move below 800.0 and toward 770.0. The daily trend remains up, albeit rolling over. Daily momentum is now down. We’ll slowly add further short setups to the selection with expectations that a deeper correction will make its presence felt.
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Phone: +617 5473 5743
Suite 1/ 21 Sleepy hollow Drive
Noosa Heads QLD 4567
AFSL 288200
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