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ASX Market Watch May 2010 – ASX Top 200 Broadening Wedge, Dow Jones, Hang Seng

By Dave McLachlan

Click below for the latest Market Watch Video (if you can’t see the video, click the link above).

UPDATE:

The ASX Top 200 continued to fall after its short term sell signal, and guess where it fell to?  That’s right – the bottom of our broadening wedge!  Amazing.  But in the video below I look at the last two times we got a broadening wedge and what it meant – and what it could mean for the ASX now (read: bear market ahead).

The Dow Jones and Hang Seng are both below their long term up trend line support now also, signalling both a weakening up trend and possible new bear trend.  Also – new support levels for the ASX Top 200.

Check it all out below!

As always this is not a recommendation, please do your own due diligence.  A great place to start is the free trading and investment course on this site.  Also check out the Strongest Market Sectors to find out if you are investing with the best or falling behind.  Check out my personal Trading Diary if you want to see me practice what I preach. 

Happy Trending guys!  All the best.

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May 9, 2010  Tags: asx top 200, broadening top, Dave McLachlan, dow jones, investing, Market Watch Weekly, trading  Posted in: Market Watch Weekly

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