Morning Report Friday 22 May 2015
One of the roles I enjoy the most in MarketMatters is answering questions / chatting with subscribers about the markets. The numbers of questions have increased dramatically over recent weeks as the Australian market corrected 7%, but the US market continues to make all-time highs. After these conversations, I felt it was important for me to clarify exactly where I foresee some of the major indices trading over coming months – at MarketMatters we believe in living and dying by the sword!
1. ASX200 – I expect the local market will bounce back towards 5750 resistance area, but I see sub 5400 this year ~5% lower – chart 1.2. German DAX – A very clear chart pattern that targets over 12,500 prior to a +10% correction – chart 2.3. US Indices – The US Indices grind higher may continue for many weeks, but I remain committed to my 1800 target area this year ~15% lower - chart 3.4. Chinese Composite Index – Another very clear chart pattern that targets fresh 2015 highs prior to some consolidation – chart 4.
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