friday frollics, page-53

FWIW - my musings on current events. No charts as this would take me too long.

ASX - we saw this coming, it's now a matter of where support lies. Important uptrend support is at 4700 for maintaining the up trend, below this and we are in for a possible trend change.

It usually always makes a breaking low, then fails to make a new high when it does - this is the exit for those still in.

AUD - is bouncing downwards an import trendline support. USD index is firmly now uptrending - where is the top? You know this because USDi fell back 40pts last night from 79 cents, and the AUD didn't rally upwards like you would think. There is an assymetry about one going up, the other down when they trend - and it shows.

SPX - Is rolling top, it's important to find a bottom at 1075 or above, THEN make a higher top. Again, breaking trends usually break first below the most recent (previous)prominent high to a clear low, then fail to make a new high. The last Nov/Dec months of range whould have had people watching.

If this is falling to the bottom, it won't happen in a day, or even a month .... (OK, touch wood(;o)).

ASX200 (IGM) is at 4740, this is 95 points below XJO's close. Things will open with a bang, then find a critical support, if this is to be found. My pick is we'll find it in the next 2-3 days, or fall through it. 4700 is important to me.

GOLD - Sitting above the $1075 low, so technically could still return to an uptrend. Fell through an important trend support at $1120, to classify as a new downtrend. Break below $1075 would confirm this.

It's still all about the USD I'm afraid. We're still finding this out ...

rgds,
pw