Charting Wisdom - US and Australian Stock Market Report 04 September 2017

stock quotes

“If you are going to buy a Bull then buy a young one”
- Dawn Bolton-Smith

This is a quote I will never forget and it was made by a person who I have respected for many years as her Charting Wisdom has been unparalleled. Dawn Bolton-Smith is quoted with the above saying and it’s only really been over the last couple of years that I was fortunate enough to get to know her personally. She was one of the first to subscribe to my Charting Wisdom report and her feedback has helped to guide me with my studies and this report. 

Dawn Bolton-Smith is an Australian trading and market legend. She was a real pioneer of Technical Analysis in mainstream Australian financial markets with a career spanning over 50 years. This is even more impressive given the fact at the time the markets were effectively a boys club in many ways. She has seen and traded the booms and busts over the decades and has seen it all. So when Dawn speaks you better be listening.

Sadly Dawn passed in her sleep Tuesday 29th August, 2017. I know that Dawn and her work will not be forgotten by all of us that she has touched. Dawn was always happy to and the first to want to lend a hand to anyone who was involved in the markets. To help protect them with the knowledge that she has amassed over the years and to send them in the right direction so they can profit.

I will miss our little chats (what we like to call them) that we had but I know that you will be watching over the markets as you always have and providing guidance when necessary. Thank you for sharing your wisdom with me and so many others over the years, I will miss my friend.   

Australian Stock Market (XJO)

Australian Market (XJO) Monthly Chart – last 5702.0, Monday 04-Sep-17

Australian Stock Market Report 04 sep 17

Important Points to Note from the Monthly, Weekly & Daily Chart:

  • The Monthly trend is currently Up. We have a higher top and higher bottom in place.
  • August formed an Outside month (a month with a higher high and a lower low than the month before) closing marginally below the open forming a Doji and indicating the buyers and sellers were pretty much evenly matched by the end of the month.  This is the 3rd month where this has happened.
  • The Weekly trend is currently Down. We have a lower top and lower bottom in place.
  • Last week formed a Down week (a week with a lower high and a lower low than the week before) closing just below the open but up near the high of the range indicating the buyers were making ground on the sellers by the end of the week.  
  • The Daily trend is currently Down. We have a lower top and lower bottom in place.
  • Monday formed a Down day (a day with a lower high and a lower low than the day before) closing below the open confirming Friday as a second lower top. The sellers took back control from the buyers.

US Stock Market (S&P 500 & DJIA)

US Markets (S&P 500) Monthly Chart – last 2476.55, Friday 01-Sep-17

US Stock Market Report 04 sep 17

Important Points to Note from the Monthly, Weekly & Daily Chart:

  • The Monthly trend is currently Up. We have a higher top and a higher bottom in place.
  • August formed an Up month (a month with a higher high and a higher low than the month before) closing just below the open and just shy of the high indicating the buyers have regained the upper hand.  
  • The Weekly trend is currently Up. We have a higher top and a higher bottom in place.
  • Last week formed an Up week (a week with a higher high and a higher low than the week before) closing above the open just shy of the high indicating the buyers were regaining control.
  • The Daily trend is currently Undecided. We have a higher top and a lower bottom in place.
  • Friday formed an Up day (a day with a higher high and a higher low than the day before) closing above the open and about half way on the day’s range indicating sellers were in control by the end of the day.
  • The S&P 500 made a new all-time high of 2490.87 (8th August, 2017) which is 89.89 points or 3.7% higher than the March 1st top 2400.98.
  • I have come up with the following levels from different methods that will be important to watch for resistance as we move higher into Blue Sky 2267, 2279, 2286, 2293, 2305, 2318, 2334, 2385, 2401, 2423-2427, 2457-2459, 2480 & 2485.
  • The daily trend is Undecided, the weekly trend is Up and the monthly trend is Up.  

 Share Market Technical Analysis

Upcoming Dates of Note.

Upcoming Dates of Note 040917

 

Disclaimer 
This publication has been prepared solely for the information of the particular person to whom it was supplied by Phillip Capital Limited (“PhillipCapital”) AFSL 246827. This publication contains general financial product advice. In preparing the advice, PhillipCapital has not taken into account the investment objectives, financial situation and particular needs of any particular person. Before making an investment decision on the basis of this advice, you need to consider, with or without the assistance of an adviser, whether the advice in this publication is appropriate in light of your particular investment needs, objectives and financial situation. PhillipCapital and its associates within the meaning of the Corporations Act may hold securities in the companies referred to in this publication. PhillipCapital believes that the advice and information herein is accurate and reliable, but no warranties of accuracy, reliability or completeness are given (except insofar as liability under any statute cannot be excluded). No responsibility for any errors or omissions or any negligence is accepted by PhillipCapital or any of its directors, employees or agents. This publication must not to be distributed to retail investors outside of Australia.   

 

About Shane Langham

+61 (7) 3338 3838 Email Profile

Shane has passionately followed the markets since the age of 16, and has been an adviser in the financial markets since the year 2000 having worked for a range of firms, including one of the world’s largest investment banks as well as smaller boutique broking firms. Shane is also a past Vice President of the Australian Technical Analysts Association (ATAA) Brisbane, a position he held for 6 years.

Shane is currently a Senior Private Wealth Adviser at Phillip Capital and can assist you with all of your stock market needs - whether you are looking to buy or sell shares, set up a portfolio, grow your SMSF, protect your portfolio, or trade the market. He specialises in technical analysis, risk management, and options trading and focuses predominantly on the Aussie markets.

Shane also writes two key market related technical analysis reports (including a free weekly Market Commentary Report), designed to give traders and investors the best chance possible to get the results they are after from the markets. To find out more about these reports please click here. http://www.phillipcapital.com.au/shane-langham

Shane lives on the sunny Gold Coast with his wife and two dogs. He loves chatting about the market with other like-minded people, so don’t be afraid to pick up the phone or send him an email.

Why Choose PhillipCapital?

Expert, Quality Advice

Professional, fully accredited and friendly advisors can help tailor the perfect solution to your needs.

Global Strength and Size

Established in Singapore in 1975, PhillipCapital operates across 16 countries, has over 1 million clients and manages over USD 28 billion assets under management and custody worldwide. You know your investments are safe with us.

Gateway to Americas, Asia and Europe

Expand your investment universe outside of Austraila and reach across the globe. PhillipCapital has access to exchanges across the world.

Speak to an Advisor

Phone Request a Callback:

Phone Toll Free: 1800 214 264

Phone International: +61 3 8633 9800

Website search

Search the PhillipCapital website here.

Request Callback

Fill in the below information and a PhillipCapital representative will call you back as soon as possible.