Dow has coiled into a triangle, suggests a 600pt move one way or the other.... NZD already selling off and that GBP spike may give some guidance imo
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Dow has coiled into a triangle, suggests a 600pt move one way or the other.... NZD already selling off and that GBP spike may give some guidance imo
Happy to wait a bit longer on the triangle - although Yellen has already said she'll be into the ETFs...
Likely to see more downside for NZ50 today. NZD under pressure
Dow & S&P both broken down out of their triangles, R2K down 2.3%
While FTSE has been held up by GBP weakness, watch out when it goes! Nice ending diagonal shaping up for the Brexiteers Attachment 8352
Economy roaring ahead at 4% plus gdp growth and still RBNZ talking OCR cuts
Ludicrous - watch out 2018 for the inevitable bust, a bust will be worse then need be
at first level next stop 6800 I reckon
NZ market is under performing other Asian-pacific markets these days. We should see some volatility in the short run.
Attachment 8368
Agreed.
at first level next stop 6800 I reckon..Bull
An extended rising channel shows irrational behaviour in the form of exuberance....These log term chart channel set-ups all end badly..worse than a situation of an original channel break...It could be as bad as 5500..being long term any eventual break down could take some time to happen...I'm presently eyeing up a possible H&S Pattern forming
A possible scenario (my very inaccurate crystal ball) is we might see a very common head and Shoulder pattern form with the fall bouncing up off the 6600/6800 (neck) and the rally (shoulder) hit the top of the primary channel 7050 (resistance)..another fall only creates a danger if it breaks the neckline creating a target price of 6000
This time is different ;)
hopefully no H&S patterns eventuate.
anyway interesting to note the sell off in nz dollar and the correlation with the sell off in stocks.
the high correlation of property and retirement stocks selling off in correlation with the nz dollar, funny thing is these two sectors are being the most aggressively sold by some people - do offshore people see the top in the property market?
then followed by spk and utilities so probably postioning for fed hike? when you consider nz50, gold, tlt are the worst performing markets on my watchlist last 30days
Interesting to note that the correlation between NZD and NZX has decoupled this week so far. NZD has rallied off 0.7070 to be around 0.7175 at time of post. However we've seen the NZX drop close to 1% yesterday and so far down over 1% today.
Attachment 8375
depends on the timeframe you are looking at but yes they have decoupled this week so maybe locals are selling now?
utilities , property and retirement stocks still getting sold down