I wrote this on Saturday. So numbers would have changed since then.
Mower's Short Cuts.
ASX@5471 (-17) Came beak from that RES again. 5500-5550. Still trading in that range, Support approx. 5400 I thing it will test that res again. So short term a long.
FTSE@6877 (-31) Getting into a roller coaster range last 4 weeks. 6800-6900. The fall early in week bounces off EMA30. This is bullish, but, it is near top of range at strong rse. The Europe general strong mood could see a break up. BUT FTSE does not always follow the likes of DAX.
DAX@10020 (+78) Again the up story of the week. It has not closed EMA10. As a result RSI is 73.2. All indicators are +ve and supporting these record levels. I know some here are short. A case of "trying to pick the top" for me. Due for a breather, yes, but it has been for 2+ weeks. No sign yet on the chart. Trade what you see.
DOW@16944 (+238) "Madness takes it's toll" The US economy is crap, even they have had some encouraging news recently. Employment numbers etc. Cannot keep it down with a brick. I have not checked forward PE projections but surely the big stocks must be overpriced. The big funds keep buying so they must not think so. Close was 100>EMA10. When this happens it often has a little rest back to that line.
CHINA50@6651 (-99) Up to it's old tricks. But still ranging 6600 to 6800 for 7 weeks. No real trend. Could be good for a quick scalp. IG has a big spread. A number of economy figures to be released this week. Will affect ASX as well of course.
JAPAN @ 15197 (+635 over 2 weeks) This has gone mad. Been >EMA10 for 3 weeks. Often a long way above. Near res from March and April. This could stop rise. The current momentum suggest it will break through that res at 15200 to 15300. RSI is about 250!!!! Just kidding, 75.7and still on rise. 1 red candle in 17 days, and that was only a small one.
My big question for the week. Will DOW, DAX, Japan have a breather , or, will FTSE and ASX catch the bull fever??
