Short Term Trading New Year: 27 Dec - 1 Jan, page-132

Just thought I would share some(almost) end of year charts, a number of the indices I follow are sitting on or near strong support/resistance after last weeks rally. All I'd really say, is that it further underlines the importance of determining whether this rally has any substance to it. For now things still remain unclear to my eyes, sitting at a point of genuine uncertainty, and if anything time to continue to be alert to movements down or up. The is a period of time that could make or breaks some accounts quitte quickly depending on how things play out, but I haven't put a bet on either horse just yet.

XAO All ords: Even on a shortened day, I found the action interesting and quite telling, getting sold back to spot line I've been watching like a hawk for a while now.

XEC (emerging companies) I've also had my eye on this area for a few months. If it's got any fight left in it, now is the time to show it. 

XTL (ASX20)

In the US, the DOW and NASDAQ both sitting near Februaries low, S&P 500 sitting a bit further off, and the Smallcap2000 well off those lows but hanging onto early 2017's s/r.

DOW30

NASDAQ100

S&P500

Russell 2000

I do wish to point out they are all still in quite severe downtrends over the short term, and to predict the bounce to carry on from here would be somewhat swimming against the tide. But I am feeling more optimistic than I was a week or 2 ago.

And one more interesting comparison, is the holiday volume so far. The US volumes have been quite elevated compared to what you traditionally get of the holiday weeks (We are talking roughly around a 40-60% increase in volume so far on the S&P500 over what you typically get, the NASDAQ and DOW also showing similar increases), whereas on the ASX they are pretty much bang on typical numbers (although down a little on 2017). Maybe all that means is that while the US have been losing their marbles, more Australians have opted to chill out at the beach instead. 

Also sorry for the random charting software (and the typos). 

And have a happy new year folks, hope its a prosperous one for you all.