Thursday, 12 July 2012

ASX 200 headed for another test of 4000

On Tuesday I tweeted I had a hunch the ASX 200 would be testing 4000 in coming days. Subsequent market action has done nothing to change that view. Don't forget that the monthly chart down trend channel suggests a medium term target of low 3000s, and if that is broken, low 2000s.

S&P 500 trend line break opens potential for further declines

Daily candlestick chart.