XJO

0.74%

8,285.2 s&p/asx 200

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SanFelipe

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13/10/19

17:54

Post #: 40858711
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Originally posted by redbacka: ↑

Weekly Report.

This week the XJO had a solid week +1.38%

Technically there's a lot to like about recent action. Volume on Thursday and Friday in the previous week were wide-range, high-volume days which suggests a market wash-out. This week has seen an ABC bullish reversal pattern. Some indicators are showing buys isgnals, e.g., Hull MA (20), MACD (3/10/16), and Dynamic Zone RSI has moved above its lower band. Dynamic Zone Stochastic shows an imminent move above its lower band. The Double MACD (top panel below the chart) also shows an imminent bullish x-over. Given the developments in the U.S./China Trade negotiations, we can expect a melt-up in global markets, including ours.

All eleven sectors were up this week. Health (XHJ) was again the stand-out sector, up +3.18%. Telecommunications (XTJ) has been a recent laggard but performed well this week, up +3.02%. The weakest sector on a relative basis was Property (XPJ) up 0.22%. The following sectors (as well as XHJ and XTJ) performed better than the XJO: Information Technology (XIJ +2.43%), Consumer Staples (XSJ +1.46%) and Industrials (XNJ +1.85%). Look to strong stocks in those five sectors for out-performance in the coming week.

The American SP500 chart shows everything in bullish mode:

The colour coding on the chart shows when the XP500 is above/below the 50-Day EMA. A rise above the 50-Day EMA is usually a good buy signal. That's what happened on Friday.

The only query about this chart is the selling which occurred in the last 30-minutes of Friday - see the long upper tail on Friday's candle. I think the other positives on this chart counter-balance that late weakness on Friday.Stock Picks for the coming week.

My only stock pick from last week was CSL. Up this week +3.47%. It has now formed a Turtle Traders 20-Day upside break-out. Stay with it.

Blue Chip stocks which have moved above their 50-Day EMAs are: WOW, WES, MQG, AST, SYD, SHL, APA,

Other Blue Chip stocks showing reversal patterns and likely to close above their 50-Day EMAs on Monday are: NAB, WBC, ANZ.

On a Relative Strength basis (performance compared to XJO over past 52 Days), the three top picks from the above stocks are: CSL, MQG and APA).

Expand

The Donald is probably patting himself on the back spruiking his negotiating skills on twitter, but the bounce which started Thursday has more to do with it being 144 months since the Oct 2007 highs and 888 weeks (Chinese lucky number ) since the Oct 2002 first higher low.

XJO Value at posting: 6,606.8
2 Upvote

0 Great analysis

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