For a clearer idea on the trading in the US markets, refer to this youtube video:
http://www.youtube.com/watch?v=kxJPX3KwuMc
If you have seen the video, you can see that NASDAQ is currently on its 200MA, which is one of the resistance line. Needless to explain much, the Thanksgiving holiday is coming soon, and especially Christmas, it is interesting to see whether the americans are going on a bad holiday or not.
Dow has closed below the 13000 point, which was one of its resistance point, and it is very interesting to see what is going to happen tonight. With the media talking about the subprime again over prime time news, business times, one can't help to imagine STI's opening today. The previous time that dow dropped below 13000 was in the August period, STI took the plunge to a low of 2962 as well! I reckon that STI will suffer a beating again when it opens later at 9am.
Other information, oil at the price of $94.64 per barrel, and YEN/USD at 109.90-109.93 - 0.75 which is dropping steadily! This drop in the USD could probably explain the reason why the rise in oil as well as oil is traded in USD. Most of the signs doesn't bold too well for one to go into the market at this point of time.
As for celestial, I forgot to indicate something during my post:
Look at the M and A pattern forming there. I seldom use this as it is seldom that easy to see and identify such patterns. However, it seemed to form this pattern and usually for the M pattern, it will break down from the bottom of the tip of the M (middle). You could also ask why it is not a W pattern from the previous 2 large candles? For the W pattern, it usually forms a double bottom, which means in celestial's case, it didn't form that (look at the red line, no double bottom). Also, now it is at the tail of the A pattern, where it closed below the tip of the start of the A pattern too, which may signify that it didn't form the W pattern again. From these signs, there could be a chance it will be some selling down today to the prices I indicated yesterday but depending on the market sentiment as per normal, that is my opinion.
Time to go to work, and I will talk about ARA when I'm more free in the afternoon.
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