Technicals - ASX200 index / US indices technical buy signals generated

Angela Mangan

QMG Pty Ltd

The three key US indices have generated technical buy signals in rapid succession. The S&P500 and Dow Jones generated buy signals last night and the Nasdaq generated a buy signal on 15/9/15. This is a strong positive momentum indicator for the US market outlook. The previous occasion that US index signals were generated in a cluster was on 29/6/15 when the S&P500 and Dow Jones indices both generated technical sell signals (which was followed by the Nasdaq a few weeks later). These sell signals were accurate in identifying the major downward move in the US market which followed. The ASX200 index generated a technical buy signal on 9/9/15, and despite the subsequent pullback, the positive technical outlook has remained intact. This is the first time since the technical sell signal was generated on 20/4/15@5833 that a re-entry buy signal has been generated and the ASX200 index technical outlook has turned positive. There has also been a heavy concentration of financial stock buy signals generated over the last two weeks.

Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.


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