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Danville

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U.S. stock markets eased lower on Friday after a mixed non-farm payrolls report and ahead of the start of the September quarter earnings reporting season this week. The S&P500 closed at 4391 (-0.19%), the Nasdaq closed at 14821 (-0.51%), while the Dow Jones closed 9 points lower at 34746. In the S&P500, the sell-off from 4549.50 high is viewed as a correction. While the correction has thus far fallen short of the “ideal” wave equality target at 4215ish, there are signs of basing in the form of a quadruple low on the daily chart 4270/60 area. A break and daily close above 4420/30 would increase confidence the correction is complete and the uptrend has resumed

 

The ASX200 closed 63 points higher on Friday at 7320. The Materials Sector was the star of the show, courtesy of a rally in iron ore prices. Rio Tinto added 4%, BHP 3%, while FMG added 2.4%. The decline from the August 7632.8 high is viewed as a correction, not a change of trend. However, a recovery back above trend channel resistance at 7420ish is needed to indicate the correction is complete and the uptrend has resumed. The ASX200 is expected to open lower this morning at 7288. Resistance on the day is expected at 7325, and support viewed at 7255

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U.S. stock markets extended losses overnight as strength in energy/commodity prices inflamed inflation fears against a backdrop of slower growth and ahead September quarter earnings season. Traders are also on edge over reports that China will expand its regulatory crackdown into the banking sector. The S&P500 closed at 4361 (-0.69%), the Nasdaq closed at 14714 (-0.72%), while the Dow Jones closed 250 points lower at 34496. In the S&P500, the sell-off from 4549.50 high is viewed as a correction. A break and daily close above trend channel resistance at 4420/30 would indicate the correction is complete and the uptrend has resumed. Until then, allow for the correction to deepen towards trend channel support and wave equality 4215/00 area.

 

The ASX200 closed 20 points lower yesterday at 7300. The Energy and Materials Sector the outperformers on the back of strength in energy and iron ore prices. The decline from the August 7632.8 high is viewed as a correction, not a change of trend. However, a recovery back above trend channel resistance at 7410/20ish is needed to indicate the correction is complete and the uptrend has resumed. The ASX200 is expected to open lower this morning at 7262. Resistance on the day is expected at 7305, and support viewed at 7230

 

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use swing trade, do more of really short term trading likes of day trade to deal these market at moment as market in-direction. imho

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U.S. stock markets were in a cautious mood overnight ahead of the start of the September quarter earnings season and vigilant that surging energy/commodity prices will lead to higher inflation against a backdrop of slower growth and Fed tapering. News that China will commence a regulatory crackdown on the financial sector is not helping sentiment either. The S&P500 closed at 4351 (-0.24%), the Nasdaq closed at 14662 (-0.35%), while the Dow Jones closed 118 points lower at 34378. In the S&P500, the sell-off from 4549.50 high is viewed as a correction. A break and daily close above trend channel resistance at 4420/30 is needed to indicate the correction is complete and the uptrend has resumed. Until then, allow for the correction to deepen towards trend channel support and wave equality 4215/00 area.

 

The ASX200 closed 19 points lower yesterday at 7280 on the back of profit-taking in the Energy Sector and weakness in the IT sector. The decline from the August 7632.8 high is viewed as a correction, not a change of trend. However, a recovery back above trend channel resistance at 7410/20ish is needed to indicate the correction is complete and the uptrend has resumed. The ASX200 is expected to open higher this morning at 7280. Resistance on the day is expected at 7330, and support viewed at 7255

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The S&P500 and the Nasdaq advanced overnight after US yields eased lower despite a higher than expected inflation figure and as Q3 earnings reporting season commenced. The S&P500 closed at 4364 (+0.30%), the Nasdaq closed at 14775 (0.77%), while the Dow Jones closed flat at 34378. In the S&P500, the sell-off from 4549.50 high is viewed as a correction. A break and daily close above trend channel resistance at 4420/30 is needed to indicate the correction is complete and the uptrend has resumed. Until then, allow for the correction to deepen towards trend channel support and wave equality 4215/00 area.

 

The ASX200 closed 8 points lower yesterday at 7272. A fall in iron futures during the Asian time zone weighing on the Materials sector. The decline from the August 7632.8 high is viewed as a correction, not a change of trend. However, a break and close above trend channel resistance at 7400/20ish is needed to indicate the correction is complete and the uptrend has resumed. The ASX200 is expected to open higher this morning at 7310. Resistance on the day is expected at 7350, and support viewed at 7275.

 

======================= market is trying to find direction..

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US stocks posted strong gains overnight, supported by solid economic data and earnings reports from companies including Citigroup, Wells Fargo, Bank of America, and Morgan Stanely. The S&P500 closed at 4438 (+1.71%), the Nasdaq closed at 15052 (+1.88%), while the Dow Jones added 535 points to close at 34913. In the S&P500, the overnight close above the trend channel resistance at 4420/30 is a strong indication the correction from the September 4549.50 high is complete at the 4260 low, and the uptrend has resumed. Reinforced by the solid seasonal tailwinds into year-end, the expectation is for the S&P500 to retest and break the 4549.50 high before making fresh highs towards 4700.

 

The ASX200 closed 39 points higher yesterday at 7311, almost 50 pts below its intraday highs after a sell order hit the market in the PM session. The decline from the August 7632.8 high is viewed as a correction, not a change of trend. However, a break and close above trend channel resistance at 7400/20ish is needed to indicate the correction is complete and the uptrend has resumed. The ASX200 is expected to open higher this morning at 7366. Resistance on the day is expected at 7395, and support viewed at 7330.

 

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seems bull run will continue ........

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