Saturday, 15 October 2011

Stockmarket Technicals

Murray Dawes technical update on the US and Australian markets:

SP500 closed @ 1224 this morning. When that video is finished you will see links to Murray's previous weeks analysis, upon review you'll note he is very very good.

Don't forget we still have 19 more days of European violent gesticulation and rhetoric augmented by G20 gum flapping.

On the SP500 he said:
'...there's a quick sell off from back under the 10-day moving average... we can get bearish again. But right now the market is holding well up above that 10-day moving average, it's in a short-term uptrend.'

'A move back under... 1230, that would be the area that I'm looking to enter with my short [trades]. That would be the perfect trading opportunity. Where we are right now is a bit of no man's land.'

On the ASX:
'Last week I was saying that there was a chance that if the market did take off to the upside we could see even a move back up to the 200 moving average which is up around 4450...

'[But] we have to be a little wary that the shift in momentum in the last week or two has been quite dramatic. This could carry on for a bit longer before falling over.'

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