After all the good work our market did yesterday, New York couldn’t follow ultimately breaking down on the hourly chart. I mentioned yesterday that I was concerned that if it didn’t start moving topside immediately it ran the risk of completing a little head and shoulders top which unfortunately it has now done. This little pattern gives an initial target around 1970 where it should find some good support.
The US dollar eased fractionally which helped precious metals but my biggest concern was the weakness in copper and all the other base metals.
The strength of the US dollar these past few weeks has broken a sixteen year downtrend against the yen.
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Last
8,603.0 |
Change
7.200(0.08%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,595.8 | 8,616.8 | 8,589.5 |
| XJO (ASX) Chart |