Click to view the most recent posts for ASX 200, S&P 500, Gold, Silver, AUD/USD, EUR/USD.

Monday, 1 September 2014

ASX 200 rolling over lower from top of bearish wedge? And testing long term trend line resistance

Not much has changed for the ASX 200 in the past week. Daily chart suggests the ASX 200 is rolling over lower from the top of a bearish wedge. Chart includes after hours trade. Longer term charts show the market is still testing long term trend line resistance,  if you're interested then see last week's ASX 200 post.

AUD/USD range bound on daily chart, biased lower by weekly down trend channel

Daily chart shows AUD/USD range bound.

Weekly chart suggests the market's bias is toward lower levels.

EUR/USD still trending down / pressured lower by down trend channel

GBP/USD testing down trend line drawn from the July peak

4 hour chart shows GBP/USD testing the trend line drawn from the July peak. The trend ain't over til it's over. And at this time frame, the trend ain't over, unless the market rallies through the high of the day. Til that happens, expect another move lower.

Friday, 29 August 2014

S&P 500 has tripled return of ASX 200 since Sep 2011 intermediate low

The following chart shows the S&P 500 and ASX 200 both priced in US dollars. These indexes tracked very closely from near the 2007 US stock peak until the intermediate low in September 2011. Since then the ASX 200 has rallied 28% and the S&P 500 has rallied 77%, so for that period the return of the S&P is almost triple that of the ASX.

Thursday, 28 August 2014

S&P 500 futures lower from dual trend line resistance, Dow breaks trend line support

Daily chart shows the S&P futures at 1992, down from the previous New York close of 2000, turning lower from dual trend line resistance.

Dow futures have tested the July peak and subsequently broken below trend line support.

Zooming waaaay out to the Dow monthly chart suggests that it is putting the finishing touches to a giant bearish megaphone. A decline below the 2009 low will be the next major trend for US stocks. Said decline may have begun at this week's high. Keep an eye on European and Asian markets, which are painting similarly bearish long term scenarios. I posted charts earlier today for the DAX (Germany) and Hang Seng (Hong Kong).