XJO s&p/asx 200

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09/01, page-8

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Hollyw00d

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09/01/23

10:40

Post #: 65592730
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Originally posted by TheFadz: ↑

Before I begin, the US bounce on Friday basically avoided a market crash so my condolences to all those that went all in on that strategy

Unfortunately my targets from December never got hit ever since the games the xjo decided to play in the 2nd half of december (almost back to mid December levels again which we should get to today & confirm that everything that was sold from mid December was a bear trap as we see from my post that everybody seemed to ignore as markets fell)

Apart from the US, the rest of the world went back to their December highs & then some
That's just very unlucky for me that I'm trading the dog xjo otherwise I would've been proven correct with all the crazy claims I've been making of late
Haha
I shouldn't laugh because that 2nd half of december wasn't very enjoyable for me (more enjoyable atm. Haha)

This week has to be the squeeze to get the xjo back on track for bulls

There's only 1 chart left on the US that can still hold bulls back this week
That's the bond yields chart
AU bond yield chart looks better than the US but still not the healthiest of charts (I have to assume to the worst is over for now but you never know)

The other 2, the Aud/dxy & the vix look good enough for bulls to carry on (I would suggest looking at pre covid bull charts & not the mad post covid bull charts to look at targets, range etc whenever I mention bull charts)

If the xjo can get back above 7250 this month it puts us back into the 7450 range
Everything I've been saying through December should play out (finally)
If the xjo manages to cover everything that went short from the start of december without getting back above 7250, then it's not going to be fun for bulls for a while
It means Australians are still selling the rallies up here & even if the rest of the world goes to the moon, the xjo won't (its done that before)
Then it'll be time to get attached to shorts again

In regards to today's trading on the xjo, current channel is 7160 & 7220 (7140 & 7200 at the close)

Any backtest on the open, it has to break below the 7160 fence & target 7080 (that'll be depressing for bulls)
Still bullish on the hrly chart but depressing as it's less likely xjo will get out of the 7250 range this month

I wouldn't mind a short squeeze that breaks through the 7220 fence but unlikely
(as I mentioned last week, I still expect red candles to distract. I didn't think it'll be this easy to go from 6920 lows straight back up but we're already up 250 points. There was 1 red candle at 7080. Surely it needs another breather soon)

All these numbers are speculative atm as I'll be unlikely to be posting during premarket or early open

Good luck

Expand

The dog XJO has held up incredibly well compared to overseas.

The markets are dysfunctional at the moment. I.e hoping for bad news so the FED lays off the brakes.

Problem is, once the bad news starts coming, it may not be so easy to stop i.e. severe job losses, slow down etc which may not be so easy to reverse.

I'm not brave enough to predict what will happen months down the track but i still think our miners are overbought so im doubtful we will get a massive rally.

XJO Value at posting: 7,172.3
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09/01, page-8

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