All Ordinaries Index Archives - the patient investor

May 22, 2013

ASX 200 & All Ords selling pressure

The ASX 200 is testing medium-term support at 5150. Breakout would indicate a correction to 4900. Reversal of 21-day Twiggs Money Flow below zero — and the longer-term bearish divergence — warn of selling pressure.
ASX 200 Index

* Target calculation: 5150 + ( 5150 – 4900 ) = 5400

The All Ordinaries weekly chart displays a longer-term bearish divergence on 13-week Twiggs Money Flow. Expect a test of the rising trendline at 4900.
ASX All Ordinaries Index
The Large Cap ASX 50 rising faster than the ASX Small Ords confirms this is not a typical bull market. There is a high degree of risk aversion and sentiment of retail (mom+pop) investors is more accurately captured by the Small Caps index which represents the ASX 300 excluding ASX 100 stocks.
ASX 50 Index

December 5, 2011

ASX buying pressure

The ASX 200 index is once again testing resistance at 4350. Rising 21-day Twiggs Money Flow indicates medium-term buying pressure. Breakout would signal a primary advance to 4700*. Respect of resistance is less likely, but would suggest another test of primary support at 3850.

ASX 200 Index

* Target calculation: 4350 + (4350 – 4000 ) = 4700

The All Ordinaries is similarly testing resistance at 4400, while rising 13-week Twiggs Money Flow indicates long-term buying pressure. Breakout would offer a target of 4800*.

All Ordinaries Index

* Target calculation: 4400 + ( 4400 – 4000 ) = 4800

November 21, 2011

ASX 200 threatens support

The ASX 200 index is testing medium-term support at 4150. Bearish divergence on 21-day Twiggs Money Flow warns of selling pressure. Failure of support would test the primary level at 3850.

ASX 200 Index

* Target calculation: 3900 – ( 4300 − 3900 ) = 3500

A weekly chart of the All Ords shows a primary down-trend. Failure of support at 4200 would test 3900. Completion of a peak below zero on 63-day Twiggs Momentum would suggest another decline.

All Ordinaries Index Weekly Chart

* Target calculation: 4000 – ( 4500 − 4000 ) = 3500

October 26, 2011

ASX weekly chart

Just a reminder that the ASX is still in a bear market. Bullish divergence on 13-week Twiggs Money Flow indicates buying pressure on the All Ords and the index is testing the descending trendline. Breakout above 4400 would signal that a bottom has formed, while reversal below 4200 would warn of another test of primary support at 3900.

All Ordinaries Index

The ASX 200 weekly chart shows a similar picture, but 63-day Twiggs Momentum deep below zero warns that it may be some time before this bear (market) goes back into hibernation.

ASX 200 Index

* Target calculation: 5600 – ( 6600 – 5600 ) = 5100