XJO 0.69% 7,362.0 s&p/asx 200

07/06 Week, page-183

  1. 3,580 Posts.
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    Mixed data again from US last night
    But if we can get 30-40 points trading both ways every single day, we should be very very happy

    Dow more influential on asx than the nasdaq
    Dow moved to top of bear chart & ended at bottom of bullish range still within a symmetrical wedge (looks to be following a similar bullish trend line as the asx atm once I take out the outliers)
    This is prob why our futures ended up almost flat
    Strange to see no major green candle on the Dow since June 5th (coincidentally the same time we saw the big move up from the nasdaq)
    Maybe still consolidating
    If US markets keep consolidating up here & don't drop, asx basically playing catch up the past month (has it caught up yet or is there more to come?)

    Sp500 vix dropped almost 8% as sp500 made a new record high & continued its bull chart
    Russell 2000 dropped almost 1% but found support (could be getting ready to start another move higher now). Has had an exceptional run recently.

    Nasdaq still on target for 14250 & 14500 (although did hit a brick wall once it got to recent highs)

    Interesting to see how it all backs up tonight

    Looking at our markets..
    7330 bullish trend line looks like the top & any time we get there (or above) is a good shorting opportunity (as soon as we confirm that 3775 is definitely out of reach today)
    7280 could be regular long opportunities (or approx 40-50 points down from the previous high)
    7370 could be the highest we get to this month if we follow this trend line & 7230 trendline is where we drop to for end of month (almost 150 points lower)
    We could even have that drop for mid month next week once the bulls get exhausted from this buying
    If we actually do manage to reach 3775 today then the 7500 trend line is next target & ignore this paragraph. Haha

    Bond yields although spiked, did come back down again to lowest levels in a long time
    CPI although still high, not accelerating as fast as originally believed

    Again I'll wait for our futures pre market & see what gets tested first & what holds
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