On Friday, the US market behaved like a robot. That’s when all intraday moves precisely match key technical levels, lines and MAs. ASX started that a bit earlier on Thursday, while the US market was still falling. This type of intraday trading either occurs when the trend changes (in this case, it would be the beginning/resumption of an uptrend) or otherwise when markets want to lure in technical traders before making a surprise move. For me, it’s 50/50 at the moment. It can go either way.
ASX started this move earlier than US. This actually provides a perfect opportunity for ASX players to surprise traders on Monday and print a red day. For XJO, I’d say 70/30 odds for red/green on Monday.
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