I am just following events and trying to make sense of the direction the markets are going in. There was a bit if a change from full risk-off mode last night as the fears of emerging market contagion settled down at least for the time being. Below are just a few of the main points I am looking at right now.
Click on charts to enlarge
The Japan 225 daily chart here below has shown a slight lift off support on the weaker yen so this is now a critical level at 14200. The next few days will be critical.
Below is the USD/JPY daily showing that the critical 102.00 support failed so I am just watching what happens next here. You expect there is more downside but we need to just wait and see if it holds below the critical level. I expected quite a sharp fall when the support was breached but that has not been the case so far.
(sourcecharts: igmarkets.com.au)
This BEAR ETF daily chart is gapped up and looks like it is maybe a bit over extended now. This is bullish when the ASX is bearish if you don't know the chart. It is an ASX listed Bear Hedge Fund. It is quite a good indicator of market sentiment.
The VIX is showing that it has reached a bit of a peak but the MACD is still in uptrend divergence so it could potentially push higher. Have to see how it goes tonight.
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