After four weeks of the most frustrating trading in a long time, Friday night the New York market took on a definitely more negative appearance. Opens up the possibility that it has started a third wave down. 61.8% of the recent rise in the SPX brings up 1945 where is should also meet some support from the low formed at that time. Some of the short term charts got to oversold by the close of Friday which suggests the path is still going to be difficult to follow.
The US dollar was mixed at the end of the week. The Euro and Swissy were a bit better but the Aussie dollar and Loonie were hit pretty hard. Aussie has quite a bit of support coming in around here so we will see today how it handles this area.
Gold finished near its low but the other precious metals bounced from their low point. We do need to see some definite signs of a turnaround although GDX is looking a bit like it could be a big rounded bottom formed over the past year.
More articles on the weekend on the demise of the iron ore price. It isn’t whether articles are bearish or bullish that interests me, it is the mere fact that it is being noticed after such a savage fall. Some support from 2009 around $80 but whether the price continues to fall, I think a lot has been discounted by the market
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
8,556.8 |
Change
-73.500(0.85%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,630.3 | 8,630.3 | 8,544.7 |
| XJO (ASX) Chart |