Over the weekend we have touched base to the Australian EWA.NYSE ETF which had an up close in the US, despite the US market suffering around 2% drop in the same trading session.
You may google EWA ETF and check it’s holdings if you wish.
Why one may ask ? Looking at our charts it is too early to say that money may be coming out of US equities and into ours perhaps (a conspiracy theory at the moment). We need another week or two to be able to see that on our charts. But someone (Composite Operator as RDW would call them) may be seeing a better value here in our market & the low AUD$ combination ! Who knows ?
SPI,XJO (ASX 200) and EWA.NYSE ETF price action behaviour is quite identical, must also be said. SPI is always a better proxy in analysing our broader market, since it is almost traded 24/5.
SPI 1000 tick chart (Short term chart) below, a test of the resistance (neckline) on hand as can be seen, as of this writing ( Melbourne time approx. 11:15 21/12). If successful on this front, that would complete another INVERSE HEAD & SHOLDERS BULLISH REVERSAL PATTERN. I have marked resistance (neckline) as well as support levels on the chart. Again, pattern is yet to be completed which may also fail.
OBV at the bottom window suggesting an accumulation and had broken out already. But price action as always, first and foremost in importance.
Lets see where we end up by the close of our cash market today.
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