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Tuesday, June 18, 2013

ASX: Following China into a down-trend

Australian Securities Exchange
Australian Securities Exchange (Photo credit: Wikipedia)
By Colin Twiggs

Sydney, Jun.19, best stock to buy .- The S&P 500 is testing resistance at 1650, but declining 21-day Twiggs Money Flow warns of continued selling pressure. Breakout would signal an advance to the upper trend channel, around 1700. Reversal below 1600, however, remains likely and would indicate a correction to 1500.

S&P 500
China's Shanghai Composite Index broke primary support at 2170 on Thursday. Follow-through below 2150 would signal a decline to the 2012 low of 1950*.
Shanghai Composite Index
* Target calculation: 2150 - ( 2350 - 2150 ) = 1950
The ASX 200 is retracing to test its new resistance level at 4900. Respect would confirm the primary down-trend — as would a peak below zero on 21-day Twiggs Money Flow.
ASX 200
The ASX Small Ordinaries Index, reflecting retail investor interest in the market, continues its primary down-trend. Breach of the 2012 low at 2040 warns of a decline to 1700*.
ASX Small Ordinaries Index...
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