CMC Aussie 200 : 4700 is 50% range of october low and 4hr 200ma.
SPX: 1060 is 50% range of october low and 4hr 200ma.
It's in a structural uptrend and these zones are buy points. Forecasting a reversal here is dangerous play [because every man and his dog are]
Markets are experiencing profit taking and nothing more..IMO.
The market is VERY similar to trading action of 2003 [it also bottomed in early March] - where it rallied for 12 months and flattened out for 24 months. As far as I can see the market has another five months of bull in it. SHorts will continue to burn at the stake for a bit more.
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Last
8,757.2 |
Change
118.200(1.37%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,639.0 | 8,776.4 | 8,639.0 |
| XJO (ASX) Chart |