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xjo ... due for a breather ?

  1. rembrandt

    5,816 Posts.

    Hmmm... the perma-bulls have driven the Market out of the recent nasty negative trend ... war is good they say.

    Too early to say the Bottom has been reached ... the Market hang-over will kick in when the focus returns to the state of the US economy.

    At this time, the DOW is up 184.3 points on news that 'shock and awe' has begun ... which will no doubt translate into a positive for our Market come Monday.

    Whether this can be sustained will depend on events shortly in Baghdad ... it ain't over till it's over.

    Technically, the XJO is beginning to look like it is due for a breather ... the RSI is looking overbought and the resistance level Fib(23.6%) has been hit at 2870 and looks likely stalling ...

    Next week will be an important test of Market nerves with watchers keen to gauge where to next ...

    Chart looks like this ...

    Cheers ...

    This is only my view ... read the red stuff.

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