Crazy Forkman Weekend Salad Roll 22 Oct 2016
Good afternoon to the Trustees of the Brains and to those like me who wish for a mere half brain at times...
The forks have spoken. Let's see what was divined for the previous week.
All Ords - The XAO is now tracking the second white warning line upwards for another date with the top orange tyne. Does it have the legs this time to get through?
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Small Ords - The XSO found support off the red median and pink median. Can it get back above the aqua median again or will this be a backtest of resistance before falling over?
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Dow Jones - The Dow has been consolidating sideways for the past few weeks and now found support on the top red tyne. Note resistance provided by the pink/brown lower warning line.
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S&P 500 - The S&P 500 is now back above the top tyne of LT yellow fork.
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Spot Gold - Spot gold looks to have found support on yellow median and appears to have put in a nice base here.
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Gold Futures - Likewise gold futures have found support on the bottom of the reverse red trend channel with resistance provided by lower yellow warning line.
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WTI Crude Futures (Daily) - Price seems to have lost a bit of steam and failed again at the blue median. Supported by EMA13. Likely to consolidate sideways for a little bit.
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WTI Futures (Weekly) - Note the price bouncing off yellow fork's second lower warning line which I highlighted a few weeks ago. Close look shows that the pink action and reaction lines projected forward and back from the white centreline have more often than not indicated a regional high whenever price has crossed them. May need a few more weeks data to see if that bears true this time around.
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Brent Futures - Brent is tracking the lower pink tyne upwards and found support on blue median.
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Copper Futures - Copper broke below the lower blue tyne and is looking for support again off green trendline. Note the narrowing of price action as defined by the red and green trendlines.
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AUD-USD - The Aussie Dollar has been steadily grinding upwards as defined by the pink fork since the start of 2016.
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(20min delay)