Friday, 12 August 2011

Stop it, or you'll go blind

Stop squinting at hourly charts, that is. Here's a daily chart for the ASX SPI 200, which reminds us that any short term bullish potential shown on the hourly charts posted earlier, should be taken in the context of a big picture that remains bearish. The market has tested overhead trend line resistance, and also resistance surrounding the lows from 2010 at around 4200, and so far has rejected those levels...


I remember from 2008 that the exciting volatility of a bear market acts to suck me in to focussing too much on the short term charts. The lesson I learned then is, don't forget to see the wood for the trees.

Yet more updated hourly charts for ASX SPI 200, S&P 500, AUD/USD, EUR/USD

Oh what a difference an hour or two can make. Key short-term action tonight I think, numerous trend line tests and breaks. These charts zoom in closer than the previous post.


ASX SPI 200...


S&P 500...



AUD/USD...


EUR/USD...



Updated hourly charts for ASX SPI 200, S&P 500, AUD/USD, EUR/USD

Added a few trendlines, and removed a few too.

ASX SPI 200...



S&P 500...



AUD/USD...



EUR/USD, this morning's mess needed simplifying...







ASX 200 set to open higher, plus a quick look at S&P 500, AUD/USD, and EUR/USD

The hourly chart shows that with three hours to go until ASX trading opens for Friday (Oz time), after hours trading is currently pointing to an open of 4199, up from Thursday's ASX close of 4141. Remember also that yesterday's daily chart shows possible resistance around 4200 from the 2010 lows, and possible overhead trend line resistance around 4250.




US S&P 500....


AUD/USD...


EUR/USD looks like a coiled spring, getting set for a big move. But up or down? I don't know, but let's watch...