Sunday, September 06, 2009

World Markets

A sudden drop at the beginning of the week and slow craw to the upside, week on week, the daily indicators are neutral. The weekly and monthly indicators still point up:

World Monthly Weekly Daily Note
S&P500 Up Up Neutral (-) R=1.13k
DJI Up Up Neutral (-) R=9.8k. Daily bearish divergence
NasdaqComp Up Up Up R=2.18k
Nikkei 225 Up Up Neutral (-) Next R=11k
Kospi Up Up Up Bearish divergence.
SSECI Up Neutral Neutral (+) R=3.5k. S=2.6k. Correction.
HSI Up Up Neutral R=21k, S=19.5k. Correction
TWII Up Up Neutral R=7.4k. S=6.6k
STI Up Up Up R=2.7k.
JKSE Up Up Neutral (-) R=2.4k. S=2.1k
SENSEX Up Up Up R=16k
AORD Up Up Neutral (-) R=4.6k
NZX50 Up Up Up R=3.2k
FTSE Up Up Neutral (-) R=5.1k
DAX Up Up Neutral (-) R=5.5k
Bovespa Up Up Neutral (-) R=58k

Gold and silver had a fantastic run last week. Can gold breaks above USD1000? Since the daily chart is already overbought, I expect a pullback first and then another assault within this week. This time, good chance of it succeeding and race to USD1050.

Oil and crude palm oil looks weak and most probably consolidate further. By the way, look out at the price of rough rice. It may rally up again. After sugar problem, we may have rice problem.

Commodity Monthly Weekly Daily
Gold Up Up Up
Crude Oil Up Up Down (-)
Crude Palm Oil Up Neutral (-) Down (-)
Rough Rice Up (+) Up Up (+)

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