Bluesdog will be interesting if you review move up last week just may feel excited about potential for next 6 months on asx.
charts will show current range on spx and asx but art is impact on asx as levels of spx and dow change on weeklies
if break current resistance of spx 1340 then agree 1370
if break 1370 then you do the maths
asx should rise in morning then retrace then steadily flow up on mon and tues as herd comes out. problem is now an each way bet with lots of holders from lows on volume on asx - me
what will happen tues night? retrace off spx 1340 as everyone expects but what if a partial retrace followed by some volume up?
maxi I will be out long before spx 1250 level. momentum will be well and truly down then. first bounce off 1250 was easy but if revisit then may fall thr.
looking at move up last week test for me was 1280/90 level when broke up and thr 1300 level. volume light but convincing move rejecting 1250 low and quickly up and thr key resistance levels. momentum up in short term
meaning? if strong vol comes in this week then move up may surprise many
or not which is why it is all conjecture and reason why not trading index here
asx and its stocks are my safety valve. momentum up . some of my trades up 50% over last 2 weeks. even one red dow not going to impact this momentum
but will be out by tues anyway ready for retest and to buy before herd
makes sense but just too hard to condense into blogs
add sse which has been down for 6 months and can see the potential for asx here
put it another way asx falling towards 4200 and some said 3800 based on dow falling thr 12000 back towards 10000 level. not happening is it? where does it leave asx with dow 12000 level holding? old level of 4680 with retest up towards 5000 level. will it happen?
in absence of black swans then expect 4680 in next 2 days then spx retest tues night and take it from there
or not
been a good 2 weeks and hoping for some spikes tomorrow morning
cfds? think should and will be banned. do have cfds for covering shorts but not for leverage. cash and trade one direction off lows and cant go too far wrong.
indicators? lots of them and most pointing up. doesnt worry me either way. if pulls back then out and wait and retrade next wave up. key is knowing the levels. china and yuan revaluation has propped up dow and us eports for 12 months now and china stepped up to save pigs over last 2 weeks. china and india finally stepping up.
for those who follow major 25 year cycles - sat down with a player in 2001 who travelled to us to meet dow guru once a year. prediction china to take over mantle as economic superpower. happening now. and what do they want. oz resources - just need to see out current weakness and stay in touch with next rally. will it be this week or next year? dont know but here and trading it.
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