ASX 200 hints at Turnaround Tuesday
Updated
Stock markets took quite the beating on Monday on fears of a US recession, and speculation that the Fed may be forced to cut rates as soon as next week. A stronger-than-expected ISM services report slowed the bleeding before Wall Street indices recouped some of their pre-session losses. Nikkei futures have since risen 10% from Monday's low, which could bode well for the ASX 200.
SPI 200 futures saw a false break of the April low and held above the Feb low. A bullish divergence has formed on the 1-hour chart and prices are trying to hold above the weekly S3 pivot. Dips towards 7500 could appeal to countertrend trend for a move up towards 7700.
SPI 200 futures saw a false break of the April low and held above the Feb low. A bullish divergence has formed on the 1-hour chart and prices are trying to hold above the weekly S3 pivot. Dips towards 7500 could appeal to countertrend trend for a move up towards 7700.
Trade closed: target reached
It got there eventually, although 'turnaround Tuesday' failed to live up to the hype. 
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