Update on them top 30

Well well it looks like the bulls have had last laugh the past 2 weeks and bears are licking their wounds, but is this the case? Nothing is certain in life except for Death and Taxes so take these charts as a bit of fun.
First up is a zoomed out daily, the line in the sand is around 11680ish where you can see this little area has been a magnet in the past. If current action breaks this "line" then we cant discount a big run, as price has had a chance to consolidate in the purple band. The range of this run depicted on the chart below would take them to new highs for 2012. There is a case for this scenario to come to fruition as the daily MACD is coming out of an oversold position only seen 5-6 times in 10 yrs.

Ok now we have shown the bull case we cant discount a bear case that this run might have finished last night , the chart below shows that the action hasnt broken that line as of yet (as does the 1 above) so it stays where it is but i have included a line below that has had action before and is a strong support area in my eyes. The blue range would take us there and a bounce that trend on the MACD would favour bulls to take positions, current action is also held by the RSI .........................................................................

Now we can zoom in and see if any of the above can be taken in context, if we put a fib set on the 2011 highs and lows we see that current action whilst being bullish hasn't been able to break the 50% , but the RSI has been rising without price making higher highs , if the price action breaks the 50% then a run to the 200sma & nxt fib level cant be discounted before xmas, a similar pattern to the 08 fall................... 

                           

What are these crazy yanks up to?

Ok ladies and gents looks like the time has come to reopen the biggest economy in the world and see what the top 30 are doing... DJ weekly is below and I have focused on the SMA's , after the 1st fall in 08 the 200sma acted as a resistance and current action has been supported by the very same average.

then we have daily , with this chart i depicted an area where the price was battling with the 50sma , when price broke this area it then chased the 200sma which acted as a resistance chart below..

we then can zoom in on what last night action achieved.. a clean break of the 50sma with a chace of the 50% in sight. Current action has been bullish and we cant be blind a run to the 200sma before xmas.

My thoughts havent changed at all about this market, knowing and seeing current action does not mean that lower levels cant still be achieved , this churn is setting up for a large move imo( be it down or up) take it as it comes and enjoy the ride .... Bryan

Follow on from the 'BEAR' in there

XJO weekly zooomed out over 10 years is showing signs of backtesting that fib level 2005 fell in love with and the 2010 support area also while we are on the subject.

and while we have it open lets look at a projected range down , RSI looks like running to the black trend line and a completed range from the 1st leg down of 2007 would take us to a major support? This is my worst case scenario but I favour a retest of the 3700 area as a bottom from the chart depicted on weekends blog.

BHP

BHP the big boy himself monthly.. Whilst the cash is flowing would buyin back the shares at the 50% make him stronger , bet ya ass it will. The indicators say yeh she can go lower .

weekly.. whilst she has held the 50% on this chart below i wouldnt be surprised if they spiked her down to nxt level even if its a brief moment ?

and BHP daily.. few repeated ranges could take her to the horizontal support? RSI and MACD looking at resistance aswell.. 2 charts for a perspective on that $31ish target.. could happen or could make me look like a dick?

The big 4

Ok cause our market has the big 4 i thought a few charts on these beasts would fit well with where our market is going. ANZ weekly. First up that spike down in Aug hit a good support zone and at the mo she is just under the 200sma and 38 fib from 2010 high to 2011 spike low. RSI has broke above the trend but the 2011 trend on price still hasn't tested as of yet. Macd has had its 1st green bar in while also.

Then we have the daily , the 50sma capper has been taken out and a gap up that will surely be filled imo but not before we see a test of that trend line, imo only. The RSI has been telling the story for the last couple of weeks on the daily aswell?

Ok now we have CBA weekly fib from 09 lows to 10 highs and guess what the 50% was hit , whilst doing that we filled a tiny 12c gap lol.

And daily CBA hasnt broken any down trend on price with the huge run we had this week on general markets ,is this a sign as CBA is our big boy of the financials or is it because of different div times?
The 50sma is giving a hug as is the trendline down from July together with the 38.2% . The RSI has peeped above the down trend that has lasted since Feb this year though. Make of this as ya will.

Now we have NAB... the most exposed of our big 4 to the area in question 1 would say? NAB put in a nice big green bar that convincingly broke the last few months downtrend line can she carry on and break the 50% fib and touch the 200sma pinkie ex div?

Nab daily has used the 50sma has a rag doll as well, this sma has been a pain in the ass for NAB daily moves as it has with ANZ..  NAB's 50% underside hit this week might stop the momentum and fill the gaps?

And if ya still reading WBC weekly.. tryin something different here with the ranges of WBC could happen running into the div season or just maybe thats what the big fat green bar is all about, the smart cookies beat ya again ?

Theres a Bear in there..no wait its a Bull.

Ok i get back from 4 weeks away and bears are everywhere, for a good reason mind you, but this week saw them cover there positions on a MIGHT happen event? Will our market bears 100% cover rally us to the upper trend line or even break her and grab the 50%.. The Banks are running into Div time so the yield bulls would say YES? Also take note of the RSI !

Then we have the BEAR case of have we really tested the supply down here and will the debt dramas unfold to tell a truth that is unknown? I have zoomed out on a daily and have shown the similar pattern evolve will we test the trend again making it a multiple striker? They cover positions here and give em a chance to reload at that trend line (in above chart) then force 1 final thrust down to the 3700 support zone?

Copper daily

Ok here goes fellas, everyone might think i have been in the markets for years but I am a total new player (3 yrs into it) having come from the real estate game into equities really isn't much different and I'll tell you why. Both run on supply and demand together with sentiment , fighting these will end in drama. I wont turn this into a psychological blog cause that'll bore the shits out ya's..

Ok first chart is Copper, i like to keep it simple remember.. by running trendlines off major turning points in 06-07 we got a hit last week (i started being a bull on her then) also by running the fib off the 08 low to the 11 high we hit the 50% ..

and when we zoom in we can see a clear picture as to why we had a rally in oz equities this week ..