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?
View attachment 303791
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?
View attachment 303794
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.
View attachment 303809
S&P 500 - The S&P 500 is now back above the top tyne of LT yellow fork.
View attachment 303818
Spot Gold - Spot gold looks to have found support on yellow median and appears to have put in a nice base here.
View attachment 303815
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.
View attachment 303812
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.
View attachment 303803
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.
View attachment 303806
Brent Futures - Brent is tracking the lower pink tyne upwards and found support on blue median.
View attachment 303797
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.
View attachment 303800
AUD-USD - The Aussie Dollar has been steadily grinding upwards as defined by the pink fork since the start of 2016.
View attachment 303821