Weekly report 17th November 2014
Monday 17th November 2014.
Today the Australian market opened down on News that Japan has slipped into technical recession.
The Daily Chart of the XJO shows todays price action is trading below the 5434 support / resistance level.
Further weakness in this market could see the 5335 ( down 100 ) tested in the coming 2 weeks.
The EWS and Chandelier Stop have given a sell signal in the past 3 trading periods.
Further weakness has come from the banks now Ex Dividend.
Gold has made an important rally from its recent lows for make a higher low in the daily chart.
Trading periods marked 1 & 2 have been very strong trading periods suggesting a short cover taking place.
Daily trend is changing to UP. Weekly trend remains down.