I am looking at our broader market XAO (AORD) in the main window, followed by, in the order of BRAZIL (BVSP), TURKISH TOP 100 ( XU100), SHANGHAI (SSEC) and VEU ( FTSE All World Index ex US).
All Ords., Bovespa and Shanghai are all considered RISK ON. XAO (AORD) in the main window, as we know, currently challenging a resistance provided by the 40 period weekly SMA, down trend line and price.
Expectation at current levels may be with XAO, a rest ( correction, flat correction as a mini trading range or in the form of a pullback ) after the move of late. As we would recall, this bullish short term move in our market started at around the time of the last RBA board meeting and still in effect. A rate cut at the next RBA meeting may fuel it further.
I must stress that, we are still range bound (congested) as far as the medium term trend is concerned with XAO. With all the evidence on hand, as far as the tentative bullish price objectives are concerned, it may be reasonable to expect more upside move. Whether or not that eventuates is another matter though.
Bovesopa had a nice V reversal and is now considered to be in a BULL MARKET. Turkish top 100 also in a similar boat.
We have two out of four RISK ON markets (Brazil & Turkey ) which are looking very promising at present. Both were analysed previously as we would recall.
VEU ( FTSE All World Index ex US) also violated it’s down trend line but has not cleared it’s 40 period weekly SMA.VEU is not considered RISK ON must also be said.
SSEC ( Shanghai) is the weakest of the lot at present. With more work required to clear it’s down trend line and 40 period weekly SMA.
Is the cup 1/2 full or 1/2 empty ?
Chart is courtesy of StockCharts.com
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