Perspective

The TREND is UP for most things, despite today's drop. Is today's drop the start of more significant correction? Or a bear trap?

FTSE

Sell support?or BUY support?

Rally not finished ..YET

Even though it feels like it yesterday's falls in equity markets (blamed on various things..Italian elections, US FISCAL CLIFF part II! etc etc) probably is NOT the beginning of a sustained bear market move.

Sentiment has reversed quickly , with the FEAR factor rising  rapidly..NOT normally the way BEAR mkts start

Looking at the weekly charts

DAX

Weekly chart

Hovering at support 7570/7580

would need to break that significantly for more sustained correction

trend line support and horizontal support  seen better on DAILY chart

FTSE weekly

Daily chart

DAX, rally finally arrived..

Well the DAX was just 100 points away from the 61.8% Fibonacci retracement level at 5815, and has rallied..

BUT is it THE rally?
Pluses, the rally in EURUSD, rally in Gold and Silver, miners and commodities.

Negatives, sharp move up is characteristic of bear rallies (sellers step away, and shorts cover at any price),


6230 seems a key level to get over..before a corrective rally can be thrown out of the window.

Weekly chart
still in down trend.
a break above descending trend lines will be sign that down trend finished

DAILY chart

Shows market was oversold.

Resistance at 200 dma

Resistance at descending trendlines

so expect another 100+ points up for a reasonable short entry

COPPER

Thermometer for the global economy

Weekly

Approaching the lower risk "BUY ZONE"

Speculative buy at the trendline support

Daily chart 

Approaching oversold on RSI

Trendline support

BUY on weakness

GOLD at support

Sentiment seems very BEARISH for GOLD and GOLD stocks..


The best time to buy!

Gold the metal is approaching support as shown in the daily chart.

NEM Newmont mining weekly chart

Approaching 61.8 % Fib retrace
40 % down from it's high at 72

EURO support test and PASS!

The €/$ tested support at 1.30 yesterday and passed with "flying" colours...now it has to overcome the next test to the upside at around the 1.32 level...and then the declining trend line at 1.3370 for a real push higher towards 1.37/1.40

A failure here could see another push down, below 1.30 next stop 1.26

AUDUSD at support..for the moment

AUDUSD 8 hr chart




At support around 1.0595.  Most significant event was the attempt to break out at 1,8 which failed.  If it breaks 1.0595 could be quick move to 1.05 before a corrective rally, or if support holds corrective rally could be happening now.

DAX 3 hrs

Everybody starting to get bearish...am looking at 5500/5400 for support and possible LONG entry (if we get there)..alternatively selling 5750 may be the other trade to look for.  Looks like we are in a wave 5 down..so once finished could get a decent upward correction, or if really bullish a push to new highs..