Just a hasty follow up to my earlier post, one may have been scratching ones head halfway through the session, but end of day things are looking a little healthier. Although for me much less a feeling of unbridled optimism, and more a chance to simply put the tinfoil hat away for one more night at least.
That said, how was that for a rally off the lows in the final hour?
ASX200 (XJO) Intraday
So, we have seen the ASX 200 index plunge through the potential H&S reversal point. Although today's candle does give credence to some buying strength sitting down here, and maybe acts as a potential catalyst to reverse back up again.
ASX200 (XJO)
Today I was quite pleased to see the Midcaps put in a better performance, finding some tentative support around the lows of late October. Hardly a resounding bounce, but a glimmer of hope for the bulls.
ASX Midcap50 (XMD)
The Bluechips did manage to claw back to almost flat, but the worst performer of the bunch today. Almost had to find some buying eventually after such a sharp drop. Really quite volatile right now, tough to say where it's going.
ASX20 (XTL)
The XEC trying to hold onto some ST support. While it one I like to look at, it is in awful shape right now.
Emerging Companies (XEC)
Information Technology holding strong at support in a way I had hoped the main index would have.
Information Technology (XIJ)
So... are Financials going to complete the wonkiest of reversals? Is still playing around at the bottom of an almost 2 year old downtrending channel.
Financials (XFJ)
Over in the US, the S&P500 still has it's chance to complete the inverse head and shoulders reversal. It also we agonisingly close to closing that gap, can't believe it got pushed that low only to not close the gap with it in touching distance.
The DOW likewise almost closed that gap from 30th-31st, but also poised to test support and should see what appetite there is for a potential reversal.
Still watching and waiting for stronger signals, hoping for the picture to become clearer. US futures again green, but they have a tendency of being totally useless at predicting the days action this far out from the open... Overall the picture is still not filling me with confidence, the gains from previous couple weeks of the rally have mostly evaporated in double quick time.
(20min delay)
