Redback's Australian Stock Market Report: CAC

Wednesday, October 6, 2010

CAC

Yesterday, I noted that CAC had broken below a head and shoulders top.

Well, that signal got well and truly neutered in last night's action.

The chart is still below the 13-Day SMA. So it still has some legitimacy. But not much.

Cheers

Red

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About this blog

Emphasis in this report is given to inter-market analysis (bonds, gold, international stock markets, currencies), market sector analysis and breadth analysis. Mention will also be made of simple Technical Analysis tools. The main indicators used are the MACD (Moving Average Convergence Divergence), RSI (Relative Strength Index), Slow Stochastic, trend lines and On Balance Volume.

To make matters clear. I am not a licensed financial advisor. Any statement that I make should be read as the personal opinion of a simple chartist trying to make sense of a chaotic environment.