Chart update, page-10363

@Rock57 - Find updated charts and some notes below.



Not much change here. The fib 38.2% retrace level at 1119c is still holding the SP. The fib 50% retrace level at 1038c is the next area of support. The red (Trader) MMAs are still trying to force the SP down with the blue (Investor) MMAs providing support. The stochastic oscillator (my short term cycle indicator) is now oversold and looks like turning up. This suggests that the SP will strengthen over the next week.



The SP is now well into the Ichimoku Cloud. Hence sideways SP movement within the cloud can be expected. This is very irritating as my CFD swing trading system has a filter which stops me from placing trades while the SP is in the Cloud. The bottom of the Cloud (support) is still at 1038c, but as you can see this level in the forward Cloud rises to 1074c in mid May, i.e. the trigger for me to go short on A2M gets closer to the current SP level as we move forward in time.

I've added another Momentum chart below. It displays my two momentum indicators MOM (short term momentum) and WDmom (longer term momentum). Both these indicators turned negative (MOM) or down (WDmom) on 03/04 (red dotted vertical lines on chart), and are still headed down. This isn't a good sign.



Sorry I couldn't be more positive about the SP. It looks like the SP is going to head sideways for a bit longer yet, unless there is some good news on the horizon that can force the SP into a new trend. I have a feeling that the US markets are pretty close to the end of their correction and will be heading up again soon. The Australian market should follow. This may improve the outlook for A2M's SP in the next few months. I hope so. Good luck.