Wednesday, 27 April 2011

S&P 500 daily

The S&P 500 closed New York trading at 1347, a clear breakout above the February high of 1344. A measured target for the breakout is 1442, ie. the height of the recent consolidation (98) added to the breakout level (1344). Whether the market will get there, or stop there, is anyone's guess. A move below the New York daily low of 1336 would be a sign of a false breakout. Also keep one eye on the potential head and shoulders pattern on the monthly chart - we will find out soon whether it is operational.

AUD/USD hourly

Off we go again - new highs.