Saturday, 10 September 2011

ASX SPI 200 after hours smashed

The ASX 200 closed Friday trading at 4195. After hours trading ended the week at 4100, a greater than 2% drop, due to Friday's declines in Europe and the US.

The weekly candlestick chart shown below shows that this week, the lows from 2010 once again acted as resistance. The trend is down. In my view, there are only so many times that level can be tested and repelled before the market rolls over and heads sharply lower. Perhaps this week's test will be the last. Perhaps not.

AUD/USD down for the week, kisses goodbye to trend line

Weekly candlestick chart shown.