house of cards - wednesday, page-3

Following are charts from the latest trading sessions for Australia (XJO), Europe (E100) and America (SP500):

XJO: +0.69%

E100: +0.12%

SP500: +0.28%

Both the European and American charts are in up trends and above their 40-Day Moving Averages. America is testing horizontal resistance but still some distance from the top of its channel. E100 looks the most precarious. Last night's session showed selling pressure. It is overbought, but could still go higher before hitting the top of its channel. Australia had a solid day yesterday after a weak opening. The Miners and Energy were the drag on our market yesterday after being strong the previous day. Last night, the American Copper ETF was down -1.02% with a bearish engulfing candle.

That suggests our Miners might be weak again today. BHP was down last night in America -1.12% adding weight to that argument. That doesn't always flow through to Australia. The weakness in the Big Australian does, however, provide some insight into why the Australian market has been underperforming America and Europe.

BHP remains within its long term up trend channel - but, short term, pulled back last night from oblique resistance. The chart could be forming a large head/n/shoulders pattern. Something to watch.

Finally, for the Gold Bugs, Gold was down -1.02% last night. It remains in a bearish channel. It still could get to the top of the channel before turning down, but don't expect much from our Gold Miners today.

Redbacka