Friday, 22 April 2011

GBP/USD weekly

Testing top line of corrective trend channel.

ASX 200 daily and weekly

Daily chart for the past 18 months shows a choppy sideways market. Perhaps we'll see a clearer picture if we zoom out to the weekly chart.

Weekly chart for the past 4 1/2 years shows that the ASX 200 is still almost 2000 points below the 2007 peak. A break above the 2010 peak around 5020 would be a bullish breakout signal, but the choppy action since the 2010 lows warns that the market is in a corrective phase, so the odds of a successful breakout are not high. This is a case of "nothing to see here, move along" ie. there are no high odds patterns in this market.

Gold daily

Trend is up. Top trend channel line suggests possible resistance around 1525. See also monthly chart.

S&P 500 daily

Trend is up, and price has broken bullishly upwards out of the corrective trend channel. The monthly chart warns that the up trend may run in to resistance soon, but as the old saying goes, in a bull market there's no such thing as resistance.