Welcome to Momentum Monday, after a week that investors learned the power of sentiment on market moves - more on that in a moment.
For sometime, I have been on ABC Radio in Melbourne delivering an end-of-day Market Wrap. We have now figured out a way to capture that recording and make it available to those interested (namely those outside of Melbourne).
We will be publishing this recording on our Facebook page and on my Twitter feed. Here are the links to the respective pages:
Facebook: https://www.facebook.com/StockopediaANZ/
Twitter: https://twitter.com/Elio_DAmato
The recordings are never more than 3 minutes long. So follow Stockopedia on Facebook, or me on Twitter and the recording will appear regularly within your feed at about 4:45pm - 5:00pm each day.
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. If you have any suggestions for us, please be sure to include them in the comments below (but I reckon it is pretty good now!).
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. While this analysis is not to time specific entry into or exit out of stocks, they are useful in helping us determine how aggressive/cautious traders should be in their trading.
US S&P500
The US Market continues to rebound and is rapidly approaching the next structural point of ‘possible’ resistance,and dare I say it, all time highs of late 2021. I say possible because it treated the recent short-term level with indifference. Despite Friday’s negative close, for the week, the index rose 2.6%.
S&P500 Weekly chart
That resistance level, as we stated last week, is the upside target ot 4543. Given the strength and veracity of this move, the only change from last week’s view is that we now want to see 4056 hold. While in itself a breach below that level won’t flag a change in sentiment, supporting such an aggressive move at this point will create a love shape…
