Chart 1: S&P500 & DJIA's daily chart as at July 15, 2009 (Source: Stockcharts.com)
Chart 2: Nasdaq & DAX's daily chart as at July 15, 2009 (Source: Stockcharts.com)
Chart 3: FTSE & CAC40's daily chart as at July 15, 2009 (Source: Stockcharts.com)
Thursday, July 16, 2009
US & European markets broke above their short-term downtrend line
When the global stock markets turned on a dime & rose sharply, we stood aghast and looked frantically for an explanation. Frankly speaking, I do not know what has changed to justify such a strong reaction from the markets. All the major US & European markets have turned up sharply & broke above their short-term downtrend line (the pink lines denoted below as 'A'). With the momentum on its side, the bull may still charge for a few more days before taking a break.
Chart 1: S&P500 & DJIA's daily chart as at July 15, 2009 (Source: Stockcharts.com)
Chart 2: Nasdaq & DAX's daily chart as at July 15, 2009 (Source: Stockcharts.com)
Chart 3: FTSE & CAC40's daily chart as at July 15, 2009 (Source: Stockcharts.com)
Chart 1: S&P500 & DJIA's daily chart as at July 15, 2009 (Source: Stockcharts.com)
Chart 2: Nasdaq & DAX's daily chart as at July 15, 2009 (Source: Stockcharts.com)
Chart 3: FTSE & CAC40's daily chart as at July 15, 2009 (Source: Stockcharts.com)
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3 comments:
Hi alex, you were wromg, market rallied up 50 points after you called to sell on last wednesday in yr blog.
like my sifu sam said " is TA works " ?
Dear alex,
this is what you called to sell >
http://nexttrade.blogspot.com/2009/07/some-unpleasant-news.html
i too think to sell becos credit issues is not solved, unemployement rate is almost breaking record high. seems like there is no good news to buy/hold. but i'm not sure why the market keeps going up
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