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Hasn’t the world become a better place, with lower volatility, US quantitative easing, Bank of Japan quantitative easing and Draghi doing whatever it takes? Yet, even with all this, the Australian index remains below the all-time highs of 2007.
Taking the longer-term view of the ASX 200, there are some very clear support and resistance levels that have developed over many years, from as far back as 2002.
The 2003 - 2007 bull run and the following retracement to the March 2009 low now contains all of the price action in this very large consolidation. Within this consolidation, past support and resistance levels are being adhered to.
A very good technical market is in place. The 5000-point level marked is the major support level still in play with resistance shown at 6000 points. Notice that this level was tested in the 2008 bear market, providing the first significant failure point in the run down to the 2009 lows.