The S&P/ASX 200 is down 22 points to 4662 just before midday. Asian markets are down mainly, with the Nikkei down 0.32%, the Hang Seng steady and Singapore up 0.14%.
Most risk assets are up, with the AUD just below 1.07 against the USD, whilst gold is up to $1537 USD an ounce. WTI crude is at $100.51 USD per barrel.
The correction in the ASX200 is still in place, the 12 month daily chart shows a trend channel, with current prices gravitating to the bottom. The shorter term charts show a downtrend channel that has not yet broken to the upside – this would require a close above 4700 points. So today’s current action is just shy of that figure.
The weekly charts show the medium term sideways channel that has operated for almost 2 years, with prices gravitating around a point of control of 4600-4700 points. Resistance at 5000 points is very clear, with the triple top from late 2009, early 2010 and a subsequent double top failing in early 2011.
Daily chart with 260 day moving average (grey line)