July 2 2009 – Long weekend

ASX Commentary

July 2 2009 – Long weekend

Fri, Jul 3, 2009

There you have it. Employment data and a big swing. It could have gone either way. The market remains in its range but momentum has now shifted to down and the daily trend is on the verge of heading south. The H&S pattern we have been discussing is within a whisker of activating – the key level is 888.0. A break with follow through says the market will travel to 813.0. If we are putting in a near term top here then we can also consider the 780.0 as the lower boundary of the target range. Personally I have 2 longs (APH, COF) on and 2 shorts (CCC, PPDI) on in the US.

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Nick Radge - who has written 898 posts on The Chartist.

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