Today i would like to share with everyone what's my view about the upcoming week!well, as we all know this monday is columbus day for US but trading is as usual...except for the closing of the bond markets.Nonetheless the DJI is still ticking! ;)
On friday we saw that moody (really making people moodyzzz...) double downgraded two of the illness plauged countries in europe....so...the bear is coming in play again, which you can see a rallied in dji become a bearish -20 pts.
For me i am rather bearish about the market, first they have yet to break the downtrend and form a higher low or such and all markets are still in the downtrend channel.
Okay to start with I am looking at simsci, it has been quite a poor indices as compared to hsi and other asian stock market,it only rallied about 5%. Nontheless a good 1,but we saw a sell down in the friday afternoon and on friday nite it closes at about 301. I will watch for 300 as the support and if it breaks 297 should be next.
I am looking at dji to break 11280 and stay higher,if broke, it might test 11330 and 11480.downtrend channel still holds from its daily chart,hourly chart had shown that it broke the downtrend channel but resistance might soon be met at 11280
For gold, it has shown weakness at around 1658-1668 region, it had come down quite substatially and from the 1hr and 15 min chart, any rally towards 1660 region with little strength is a good indication for shorting gold.
I am also looking at aud which had broke the 0.98 (relatively strong R),momentarily, and it went back down to 0.977 region. I am looking at 0.9718 as a support which should it break there should be more downside of aud since i saw a strong reversal of usd basket near the 20dma.let's see
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