Welcome to Momentum Monday, and the last week before the end of financial year.
This week was a reminder to all of us that the minute we think markets and life in general are predictable we can receive a curveball from left field that no one saw coming. Therefore if you are a Momentum Investor, never have preconceptions of anything, just trade what is presented in front of you.
Just a reminder of our market wrap that we make available on our social channels. Here are the links to the respective pages:
Facebook: https://www.facebook.com/StockopediaANZ/
Twitter: https://twitter.com/Elio_DAmato
Taken from my afternoon report on ABC Radio Melbourne, they are short punchy grabs for the day just gone. Nothing overly insightful, just a wrap on the big market news items, sprinkled with a bit of humour at times. 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
As mentioned for the last two weeks, each positive week brings us closer to the next down week... and so it was for the US with the S&P500 seeing first negative week since early May, 5 weeks ago.
S&P500 Weekly chart
In a shortened trading week for the US, the index fell about 1.5% with the major reason attributed being Chairman Powell's hawkish interest rate comments despite leaving rates on hold a fortnight ago.
This week's performance however doesn't change any of the narrative from last…
