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hi all.
looks as if risk was taken off the table last night with the dow down 2.22% and rio adrs down 1.95%, outperforming bhp adrs down 2.33%, on weak economic data and more concerns about europe debt.

the usd index jumped up to 74.9 jumping off the lower bollinger band and closing the gap, that jump should help to limit the downside to the rio sp here in aus.

the VIX was up last night closing the gap.

oil and copper was also down overnight, both had hit fib resistance levels from yesterday so a pullback was on the cards, looking at their daily charts, both still have higher lowers at present so we need to see some follow through to the upside over the next 2 or 3 days so this uptrend stays in play.

weekly chart. i have rio in a unconfirmed up trend

daily chart. there is a lot of fib resistance at the 82.17 and 82.45, my top bollinger band is at 81.97 so there is a lot of resistance at yesterdays closing price. for me i will looking for the sp to stay above 79.78 so this uptrend on the daily can keep its context.


just my 2c worth.

have a good one.

582