Saturday, February 25, 2017

ASI - what happened during the week and what to expect

ASI as expected due to the shooting star formation, dropped. It started pulling back a little below the 50% retracement level plotted from 07.02.2017 to 16.02.2017. Week on Week the ASI had a negative of .35%, whilst the total value of the market fell .57% to a total of 2 trillion 700 million 48 thousand, from 2 trillion 715.7 million. A drop of 15 million. The weekly SL20 had a positive close though, to end with a .27% increase. This was the 2nd week that the SL20 closed positively. This helped the ASI to stop the drop and hop to the up on the last 2 days of the week. Will the SL20 extend, thereby help the ASI to extend. As long as we do not fall below 6124 the ASI will go up. I will not doubt that at all. But if it is not going to happen then the fall is inevitable. Having said that I like to see the ASI breaking out of 6142 as it became a minor resistance in the last 2 days.


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