Chart Watch 2009-03-14

XAO - All Ordinaries
 
The week started off bad for the index, but turned out to be one of the better weeks to be long, closing up around 6% for the week. 

The chart above shows that the short term trend line was broken.
The medium term trend line will be tested this week.
Resistance will be tested this week.

Although the market finished up 3.3% of Friday, the market is showing overbought on the stochastic and  RSI(2).

Below is a Guppy MMA chart of the All Ordinaries and as it shows, the market is still fixed in its down trend, and the short term averages, although are compressing, have not penetrated the long term.

 
WES – Wesfarmers

Wesfarmers broke short term resistance.  Oversold on a lot of indicators so may see some consolidation. 

Quick Trends

Symbol	Index	Short Term (10MA)	Medium Term (50MA)	Long Term (200EMA)
XAO	All Ordinaries	Neutral	Down	Down
XTL	ASX (20)	Neutral	Down	Down
XMD	Midcap (50)	Down	Down	Down
XSO	Small Ordinaries	Down	Neutral	Down
XMM	Metals & Mining	Up	Up	Down