- - XJO: monthly chart - UP. Still above the 10-Month MA. Positive. In a very long term sideways consolidation. (The one chart IMO the long-term investor needs to look at.)
- - XJO: weekly chart - UP. Above 13-Week MA. Stochastic at overbought.
- - XJO: daily chart - down. In a support zone.
- - SP500: short-term - Down but may be reverting to the upside. Medium term - up.
- - Nasdaq: short-term - Down. May have formed a bear flag.
- - Small Ordinaries: short-term down.
- - Ozzie Dollar: Multi-year highs. Stochastic - overbought.
- - Gold in Oz Dollars: short-term trend - UP. Negative for the broader stock market.
XJO currently at 4852.
Major Support and Resistance for XJO: Resistance: 5000; Support 4200 . Mid-point 4600.
Copper - the short term trend has turned down. It may be forming a Head'n'Shoulders top.
Any correction is likely to be muted because of Bernanke?s money supply (QE2) and the strength of the Presidential Cycle in the 3rd Year.
Market often tops out in April with a bearish retracement into the summer.
Next Week: Geo-political events (oil price) will continue to have an impact on general market sentiment. Oil Price (West Texas) back to 110.
Sentiment is providing contrarian signals that this market may be at an intermediate top.
Seasonality - week before Easter in the 3rd Yr of the Presidential Cycle has been strong.
Next week? No Idea. Too many currents flowing in various directions. Many major indicators on daily charts are hovering around their mid-lines. These could move either way.
I'll look for a break above Friday's high on the XJO and for breaks higher from the Nasdaq and EWA bear flags to get some idea of direction.
Good luck
Redb
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