I have not been posting much this week because there are simply too many conflicting signals going on. This is a very dangerous period in global markets as they try to understand if the end of QE is good or bad.
Here we are at the support I was talking about with the 15 MA meeting the 5,300 level and acting as strong support. Interestingly the candle dipped below the 5,300 intraday and touched off the 15 MA to close back on support. Now it looks like we might get a bounce off support today or next week because the three indicators are all up.
Below: AUS 200 daily chart from MT4. This chart is slightly more bearish than the bigcharts one. My slow stochastic has crossed down and that is usually a good indicator of bearishness. It can sometimes just be a sideways drift. The CCI indicator is right on the mid way mark so a move either side of that will give us a better indication. I don't trade a chart like this because the odds are not with you. It is much better to sit out until there is a clear indication of the trend.
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