The S&P/ASX 200 is down slightly this afternoon, with some intra-day buying support similar to US markets recovery last night. Asian markets are down, with the Nikkei down 0.25%, the Hang Seng 0.4% but Singapore up over 0.46%. The AUD is back to 1.06 against the USD, and 86 against the Yen (which is highly correlated with the ASX200)
The daily chart provides some evidence to a buy zone theory, with deceleration of the current correction bottoming at 4700 points. Caution must be noted as it is more likely that resistance will be met at 4800 points, or perhaps fall even further below 4700, with the next target at 4500 points. Not a time to be brave.
This Friday the 13th may be a harbinger of things to come…
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