While Colin Nicholson does a month end spreadsheet for the standard Coppock indicator (14,11,10) and, I assume relies only on Month end Signals, I have updated his speadsheet myself to see whether things seem to be improving or deteriorating with this signal. Purists might say that this is counterproductive as we shouldn't mix signals of different timings, but I wanted to see where we might be heading for month end.
See my previous post "Bottom? - MACD and Coppock Review" for historical graphs of the Coppock indicator.
The result is that all major markets covered by Colin's spreadsheet have deteriorated and if they held their current values at month end there would be NO Buy signal, so not a "safe to buy and hold for medium term" bottom in traditional Coppock terms yet. This does not mean that the bottom is not already in on 26 September 2011, or that now is not a lower/better market value than will be available in early January if the month end signal is a BUY.
This is not investment advice, merely educational commentary on general market conditions and indicators, as are all my posts. You pay your money and you take your chances. It's just that the race lasts longer than Randwick and historically you often win in nominal terms (but often not in real terms or in comparison to other common investments or other markets) if you just leave your money on the market.
Note: Australia is All Ordinaries, Shanghai is SSE 180 from http://www.sse.com.cn/sseportal/en_us/ps/home.shtml, not the one shown at http://au.finance.yahoo.com/intlindices?e=asia .