Written by: Mike Simonato, Ontario Presenter: “My Three Friends”, Dec. 3, 2016, VectorVest International Online User Group (Click here to View: My Three Friends)
USA:
DOW JONES: Possible Bull Flag but not a fan of Friday’s Doji. RT is flat. Holding the 8 EMA which is Bullish
NASDAQ: Possible Bull Flag Holding 8 EMA which is bullish however with 4 out of 5 days selling last week. Watch Monday
S&P 500: Exact same setup as Dow Jones
MKT TIMING: Faltering at major resistance. Same level as March before big sell-off and 2nd attempt in Sept that failed now back at the same stubborn level. RT, BSR and MTI falling slightly but still a Bearish Divergence
READ: Views, Strategy, Strategy of the Week and Climate (% of Bullish advisors continues to fall)
CANADA
PTSE: Showing weakness however RT still above key line. Lower high but holding the 20 and 79 SMA
VENTURE: Still in a channel after falling back to the 79 SMA. RT flat but showing some weakness
MKT TIMING: Right at Key Resistance line but RT, BSR and MTI falling thus Bearish Divergence
READ Views, Strategy (USA 1 day derby all bullish, CDN only 1 bullish)
Be sure to take in the Financial Freedom Summit Mon-Wed. I still can’t believe these are free. Be sure to see Stan’s Presentation where he will show his favourite moving averages and how to use them effectively.
As always, nothing more than my 2 cents and I hope it’s of interest and value.
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