Thursday, 11 August 2011

ASX 200 set to open lower

The daily chart shows that with three hours to go until ASX trading opens for Thursday (Oz time), after hours trading is currently pointing to an open of 4034, down from Wednesday's ASX close of 4141.

The daily chart also illustrates possible resistance around 4200 from the 2010 lows, and possible overhead trend line resistance around 4250. Those with a shorter term view can view a recent hourly chart here.




The usual suspects

Updated charts for the 7 markets that I watch closest and trade most often. Hourly charts for all, except the Gold and Silver dailies...

S&P 500...



ASX SPI 200...


EUR/USD...



AUD/USD...


GBP/USD...



Gold. Is it now entering the final blow-off bubble stage? If so, how far will it go? Nobody knows...


Silver provides a good illustration of a bubble. I'd argue that its bubble kicked off in August 2010, and from there price almost tripled in around 9 months. I'll be surprised if Silver beats the May high. Can Gold bubble without Silver? No idea, but will keep my eyes open...