Sunday, 15 January 2012

S&P 500 continues to test Head and Shoulders neckline

To use The Prince's turn of phrase this market "continues to be dragged sideways like a husband through a shopping mall".... or that's how it feels to this particular trader and husband.

The S&P continues to test the zone around the Head and Shoulders neckline. It  is now also testing the down trend line drawn from the Head and right Shoulder.

ASX 200 ranges sideways in a trangle

AUD/USD ranges sideways in a triangle

The most likely eventual breakout direction is upwards, in the same direction as the preceding trend.

EUR/USD trending down

I'm watchful for a move higher above the down trend line and back above the lower trend channel line, but for now the trend is down.

Gold is trending down

Gold remains below the trend line drawn from its September, November and December highs, and is in that sense trending down.

Silver tests trend line

Silver is testing the trend line drawn from the November and December highs, which also touches the 2011 peak.