This week has just been full of head scratching. There is no point trying to make any sense of it. All we can do if follow what is happening and look at the support and resistance lines. The markets are totally and completely under control of the central bankers. As you can see by this USD/JPY daily chart, there has been a concerted effort to manipulate this pair to keep it above the critical 102.00 level. As long as it stays above support, the U.S. equity markets rally higher. If it falls below the support, the U.S. markets start selling off. That is all we need to know right now.
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The ASX 200 has gone from a breakout of the resistance on Monday to end right on the major resistance today on Friday. All we can do is watch the resistance to see if we get a break out in the week ahead or a test of support. There is no point trying to guess what will happen.
BHP seems to be still putting in a top. It is not a confirmed top yet so we need to see how it goes in the week ahead.
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