The momentum of the SP at opening today is better explained by reference to a chart short term chart: There was a false break out and buy signal (passing from blue to purple) late September. SP retreated towards the sub-$20 major line for a retest where it found support all the way to the second break out point (passing from blue to purple) at yesterday's open, closing under the 3/1 purple line yesterday afternoon. Some of you would've noticed a massive shift in market depth at close yesterday too. I presume the Federal Budget provided some support, but the SP cut through 3/1 like butter at opening today and then had to push through several higher resistance lines (4/1, then 8/1) - hence it wasn't an immediate spike at opening.
On the day chart below, there was a change in momentum signal late September signaling a long position. Looks set to be making up some lost ground over the next few weeks. Will be very interesting to watch. GLTAH
KGN Price at posting:
$21.99 Sentiment: Buy Disclosure: Held
