Before I begin, I'll make it clear that I'm not going to argue with anyone So either ignore this post or open a discussion Up to you but I'm not wasting my time on useless rubbish
I have 2 updated charts to post
But first.. US vix has broken the previous fence & moved right through to the next fence Should hit some resistance next week but they now have a new vix range to play with Completely ignoring the 2022 ranges as I've clearly warned for months now They are now sub 15 This chart isn't posted as it has too many lines & I can't be bothered redrawing it Xvi still looks like it's going nowhere but looking deeper, you can see that everything has been bought up since the end of march Not a single session have the sellers outbid the buyers on the daily charts even with all those red candles I have no idea how they manage to do this creative wizardry to prevent the xjo from going anywhere, but it's been happening right under everyone's noses Australian portfolios should've done well this week (I was up 6% even though the xjo didn't do anything) I've seen plenty of stocks breaking out of long term lows & still the xjo looking like it's going nowhere In 2020, the xjo used the June period to move the xjo up a leg long term as retail sold for tax loss reasons but as the xjo never dropped again until September they forced them to buy back in at the higher prices (the reason I keep referencing 2020 is because I keep seeing the similarities in the charts) I'm also hoping 2023 will be a repeat of 2020 as we recover from the 2022 markets Not expecting a similar rise, but just want some stability back in the xjo
The first chart I'll post is my after hours chart I'll be the first to admit that I was wrong about the xjo I was hoping it would test the red line this week but instead it rejected the uptrend channel & fell all the way down to support fence (blue circles) I still had hope at 7190 (orange line) that it would copy the US path as we rejected the green line & not the red, but we didnt So we basically lost uptrend number 3 & have begun uptrend number 4 now (in the same week) I still have 7190 as a backtest again for next week (orange line again) & hopefully this time it can hold & break through that annoying red line for the last time & get off the market lows
I want that purple arrow to play out but it just refuses to The bears need that red line to hold & the black arrow to play out again or they will be in big trouble
I'll just remind everyone that my lines never move & the chart plays out over the lines I try extract an opinion from what I see based on my colour coding system
The next chart is an update to my purple squiggle line dxy chart There is a possibility that it doesn't complete the purple squiggle line & tests that support level soon (orange line) If the dxy buckles next week & doesn't get through the red downtrend line, that'll give hope for the AUD to build off that bounce from the bottom of the daily chart & possibly create a multi month rally heading into august before the next September correction
10yr bond yields are also mid fence changes so I haven't posted those charts But they're approaching 2022 highs so will need to change course very soon
RBA decision on Tues is crucial for the xjo bulls (back to back surprises will be devastating)
This post ended up being longer than i originally intended My apologies
(20min delay)