Today is a significant day technically for the ASX200 index – a close above 5036 would generate a technical buy signal indicating the potential for the next upward move. Over the last month there have been a number of major positive technical developments. Buy signals were generated in a cluster by key resource / energy stocks in early February(VIEW LINK), and over the last week a heavy concentration of stock buy signals has been generated in the financials sector. Overall the ratio of stock buy to sell signals generated has been heavily weighted on the buy side which is a positive momentum indicator and will precede any change in the index technicals. The Dow Jones, Nikkei and Hang Seng, Brent crude and copper price have also generated buy signals (nickel, iron ore and aluminium had generated buy signals earlier). All of this adds weight to the view that the Australian market has the potential to stage a further rally.
Strong close today
The close above 5036, as detailed in my Wire as the key technical level, has activated the technical buy signal.
Is it possible to put a date on the updates please?