The Australia ASX All Ordinaries Index gained 0.5% this week. The
index had a follow-through day on Wednesday, gaining 2% on 24%
above average volume. It is the first time the index has been back in a
Confirmed Uptrend since August 6th. Still, the index remains 14% off
52-week highs and 8% below its 40-week moving average. It also had a
heavy day of distribution the day after the follow-through day, increasing
the likelihood of failure.
Symbol: MSLH.GB
Market View
The U.S. market continues to chop around with high volatility. Leadership ideas are forming new bases, with the majority trading below resistance at their respective 10-week or even 40-week moving averages. This justifies a defensive approach that avoids any new buys at the moment. The indices remain above last Wednesday’s low, so we are monitoring for new leadership ideas to emerge, especially ones that did not participate in the prior uptrend. A new follow-through day, combined with multiple actionable ideas, would give us confidence that this correction is over. Now we are on Day 8 of a Rally Attempt, with no actionable ideas.
Global Focus Developed Long
The Australia ASX All Ordinaries Index lost 4.0% this week. The
index finished at its lowest weekly closing level since August 2013, failing
to build on gains during the latter part of the prior week. It is 15% off
52-week highs, well below its 40-week moving average.
Global Focus Developed Long
The Australia ASX All Ordinaries Index lost 2.1% this week, and has
now lost nearly 6% in the past two weeks. It was shifted back into a
Downtrend as it closed below its 40-week moving average, 10% off 52-
week highs, and at its lowest weekly finish since mid-January.
Global Focus Developed Long
The Australia ASX All Ordinaries Index lost 1.1% this week. It fell to
its lowest level since early February, before recovering slightly to end
the week. The index has held its 40-week moving average thus far, but is
in a Downtrend nonetheless, at 5% off 52-week highs and 3% below its
10-week moving average.
European Markets Lead Through January, U.K. Housing Stocks Strengthen
Twenty-three developed markets were down about 0.5%, generally consolidating after posting over 4%
average gains last week. Fourteen markets fell, and seven fell by at least 1%, including The U.S., Hong
Kong and Canada. Weekly leaders included Switzerland, Sweden, Denmark, and Australia, which each
gained over 1.5%. Germany, France, and the U.K. were either up slightly or down slightly.
Global Focus Developed Long
The Australia ASX All Ordinaries Index gained 0.5% this week. It was
down nearly 2% through Wednesday, but recovered strongly in the
last two days of trading. It shifted back into a confirmed uptrend two
weeks ago after a 2.4% gain on December 19th and has held the gains
since. It ended this week just above its 40-week, its first close above the
level since early November 2014.
