Welcome to Momentum Monday once again and last week’s ASX moves see us up this financial year to date (Despite the fact we are just two weeks in.) More on that in a moment.
Last Friday we held our second Friday Lunch ‘n Learn session and you can watch a recording of the session here.
Also as a brief reminder to newer members, should you wish to re-acquaint yourself with the methods I use within this article, I have captured them here in a series of articles that I wrote.
They will help provide context on what I am writing about and the editorial angle of this report.
The content for this week's edition is:
Broader market sentiment
Member corner
Stocks in the “Shine Zone” (including changes)
52 week high screen (including changes)
A reminder that you don’t have to read all this contribution. Simply scroll to the area of interest.
Broader Market Sentiment
We look at the direction of both the US and ASX markets to gain an understanding of the broader sentiment at the minute. It is important to stress here that I DO NOT use this to time my entry or exit out of stocks. I prefer to use the individual charts of stocks to do that. However I find it useful in helping us determine how aggressive/cautious traders should be in their trading. In short the more positive the broader market is the more risks you can take and vice versa.
US / S&P500
US Markets powered ahead after a brief respite last week.
S&P500 Weekly chart
Therefore our target remains (as it has for the last few weeks) of 4535 and support is still 4056. The only thing which has changed slightly, is that previously we saw that 4056 level as short-term support. Though, as the market continues to rise, it becomes a firmer level to observe.
As per last week, the weekly MACD and RSI remain strong and the market is in a short term uptrend.
The start of the US earnings season has thus far been kind as a few US Banks and Financials have reported…
