Wednesday, 24 August 2011

Stocks rally

US stocks rallied overnight (Oz time). The Aussie ASX 200 and Japanese Nikkei should open higher today. Daily candlestick charts are shown below for all three, including after hours trading.

The charts show two momentum measures for each market (MACDH and RSI), displaying bullish divergences at the recent low, which indicate that either a rally or consolidation should unfold for days or possibly weeks. The weekly charts show that this daily chart rally is counter to the main bear trend, so I am not looking to buy it, but rather short it when I see that the rally has run out of steam.

US S&P 500...


Aussie ASX SPI 200...


Japanese Nikkei 225...


EUR/USD no breakout...

... maybe it will, maybe it won't.



AUD/USD rallies

Hourly chart...



Gold and Silver smashed

Gold daily chart...


Silver daily chart...


Silver hourly chart...