The S&P/ASX 200 is up almost 1% or 42 points to 4707 this afternoon. Asian markets are up strongly, with the Nikkei up 1.5%, the Hang Seng up 0.9% and Singapore up 0.32%.
All risk assets are up, with the AUD just above 1.07 against the USD, whilst gold is at $1538 USD an ounce. WTI crude is steady above $100 again at $101.12 USD per barrel.
The correction in the ASX200 may well be over, with the shorter term charts showing the short term downtrend channel about to be broken to the upside.
Daily chart showing breakout of channel
The weekly charts show the medium term trend channel that has been in place since early June 2010. The Japanese/MENA correction in March respected the bottom of this channel, and it appears this month’s correction has done the same.
Weekly chart showing bottom of trend channel