Welcome to my Stock Market Indices Report. As we now have subscribers from all parts of the world I thought I would add other markets rather than just the Australian stock market. This report is in no way indicative of what individual stocks will do but rather a general ‘crystal ball’ of overall market movements. Individual stocks often do not move in the same direction or the same magnitude as an index. To know what stocks to buy or what to sell you must do your own study and research. Please read the disclaimer below.
All markets ended up in positive territory last week with the Hang Seng index being the only major index to break past its July 2007 high. I mentioned last week that a resistance levels for The All Ordinaries index was 6203 & 6251 … it reached 6199.9 and stopped and retraced to 6032.7 before continuing back up and making a high on Friday at 6248 … not bad, 3 points short in both instances!
Markets around the world all have a key period September 4-7 … for the Australian All Ordinaries Index and most indices that should mean a cycle high Tuesday September 4, for many other markets especially currencies it will mean either a cycle primary trough or peak around September 6. In other words, which ever way the particular market is trading into this time period it should turn and head the other direction, for many markets, they will continue their long term trend.
As I mentioned last week, the key is if the Australian All Ordinaries Index can continue to rise and take out the previous top at 6469.2 over the next few weeks. The number for the FTSE is 6754, Dow Jones is 14022 and the S&P 500 is 1555.2. We need to watch closely for signs of weakness as the markets climb back toward their previous highs.
Resistance levels for a rise this week are 6387 and 6469, major support is at 5675, 5518 and 5317 with minor support at 5994, 5920, 5839, and 5760. and ... Reversal dates are September 4, 10 and 17.
Next report out on Monday, September 10. If you have missed my past reports you can read them on my blog http://davidschirmerxao.blogspot.com/
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2½-day Profession Traders Workshop … learn how to leverage successfully, trade CFD’s and short the market to make money from these declines! November 22-24, 2007. Call Darren on 0438-887-094 or Paddy on 0413-844-321.
Yours in abundance,
David Schirmer
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Terminology
CAC The CAC 40 index is the main benchmark for Euronext Paris (France).
DAX DAX 30 is a Blue Chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange.
DOW The Dow Jones Industrial Average (The Dow) is the main stock market index for the New York Stock Exchange (USA).
FTSE The FTSE 100 Index (or just the FTSE, pronounced footsie) is a share index of the 100 most highly capitalised companies listed on the London Stock Exchange. FTSE is an abbreviation of 'Financial Times Stock Exchange'.
Nikkei Nikkei 225 is a stock market index for the Tokyo Stock Exchange (Japan).
S&P The S&P 500 is an index containing the stocks of 500 Large-Cap corporations, most of which are American, from both the NYSE and NASDAQ Stock Exchanges (USA).
XAO The All Ordinaries (colloquially, the "All Ords"; also known as the All Ordinaries Index, AOI) is the main index of shares for the Australian Stock Exchange.
Disclaimer
The training and education services provided by Wealth By Choice Pty Ltd (ACN 112 230 958) involve the supply of factual information about securities and commodity markets only. It should not be assumed that the methods, techniques or indicators presented will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. The training and education services do not involve any recommendations in relation to your personal financial circumstances or investment needs and does not provide any investment advice. Examples presented are for educational purposes only. Any stock, option, warrant, CFD or futures contract mentioned are not a recommendation to buy, sell or hold but merely a study of past performance.
Before making any investment or trading decisions you should obtain advice from a licensed securities or financial advisor and consider with or without the assistance of a securities or financial advisor, whether the advice is appropriate in light of the particular investment or trading needs, objectives and financial circumstances of the prospective investor or trader. Wealth By Choice Pty Ltd and its representatives and officers will not accept liability for any loss, damage or expense incurred or suffered by you if you rely on any information provided in making investment decisions. By attending any Wealth By Choice Pty Ltd or associated companies events or reading or viewing any Wealth By Choice Pty Ltd or associated material, you are implicitly agreeing to the conditions set out above.
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