xjo weekend zoomba lounge, page-49

Yeah I can see that one too JG. Of course we'll be keeping a close eye on the US futures and if they're weak that would encourage the selling here and then the short is a lot safer. The trend is up on an intraday basis here and in the US, so if the US futures look good the short side would be the wrong side to play it.

The sellers will not come out here if an up night looks likely in the US. The gaps here have been too brutal especially in the banks and the sector is 32% of the index.

That said, the US futures can turn on a dime and cause the reaction here of a swift reversal.

The BHP ADR is always important and the close in the US was US$94.13USD down 67c (-0.71%) and that works here as follows:

- US$94.13 / 2 = US$47.065 bc that ADR is 2 ASX for 1 NYSE.

- US$47.065 / 1.085ish = AU$43.37

- Friday's close was here was AU$43.43 so not much a lead there.

So here is another XJO chart as a guide for trading tomorrow. It is the 5 minute from last Tuesday's low.

Nearest supports are:

- 4576 being Thursday's intraday high of 4576.

- 4572.7 being 23.6% retracement at 4572.7

Nearest resistance levels are:

- 4626 being 38.2% extension of the move up from Thursday's intraday high, and

- 4641.5 being 50% extension of the move up from Thursday's intraday high

If it looks like it might get going in either direction then the further out levels could be calculated to the decimal point tomorrow.