XJO s&p/asx 200
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redback report, week ended 1/10/10, page-6

  1. redbacka
    9,645 Posts.
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    05/10/10
    10:01
    Post #: 7280757




    The French CAC is often a good leading indicator for the American SPX. (See top chart, particularly January and April - down.) It is now clearly in a down trend with a Head and Shoulders Top (second chart).

    It looks like crunch time for BHP. The upsloping wedge (bearish) has hit an important horizontal resistance line. A move down here will probably send our market into reverse.

    Be careful
    Red
    XJO Value at posting: 4,625.3
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