Welcome to Momentum Monday.
And many happy returns to you and yours this festive season.
This will be the last Momentum Monday until 08 January next year. It has been our absolute pleasure to deliver this very accurate component on your membership (even though the market hasn't moved much).
Look forward to more level setting in 2024!
Interesting links
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This week’s content is as follows:
Broader market sentiment
Member corner
Stocks in the “Shine Zone” (including changes)
Buses pulling out of the station (volume + price movers)
52 week high screen (including changes)
A reminder that you don’t have to read all this contribution. Simply scroll to the area of interest.
Broader Market Sentiment
We look at the direction of both the US and ASX markets to gain an understanding of the broader sentiment at the minute. It is important to stress here that I DO NOT use this to time my entry or exit out of stocks. I prefer to use the individual charts of stocks to do that. However I find it useful in helping us determine how aggressive/cautious traders should be in their trading. In short the more positive the broader market is the more risks you can take and vice versa.
US / S&P500
Ok… we are very close to all time highs for the broader S&P500 with another very strong week.
S&P500 Weekly chart
I get that the general sentiment should be positive (I know I am) but this was the 7th consecutive up week, the first since 2017, for the broader index and we now find ourselves at a key resistance level of all time highs (well about 2% off)
Either we need to take a…
