Saturday, 18 February 2012

S&P 500 and NASDAQ 100 show clear trend channels

The S&P 500 is close to testing its 2011 high. Internally this market is weak. Volume is low, all momentum indicators continue to weaken, and market breadth continues to retreat. Despite the larger degree bullish potential, a correction is overdue, and would be heralded by a break downwards from the trend channel. Until that break happens, the market will continue to march upwards.

The NASDAQ 100 has substantially beaten its 2011 high. Watch that trend channel.

ASX 200 could (could) be resuming down trend

Either this market will continue to chop broadly sideways or is now resuming a down trend. Quite a remarkable contrast to the strong up trend in the US S&P 500 and NASDAQ 100.

AUD/USD trending up but still testing resistance

Very clear trend channel, similarly to the US stock indexes.

EUR/USD no clear trend

As stated many times previously, the wedge in to a bottom is a bullish edge. That said, the subsequent rally has recently weakened and the moving averages indicate no clear trend.

Gold larger degree trend is up

The weekly chart moving averages indicate an up trend, and the MACDH has flipped to positive.

The daily chart moving averages indicate no clear trend, though an up trend would be indicated if the market can beat last week's high early next week.

Silver daily chart

Worth keeping an eye on. The upper trend channel line is not far away. An upwards break of the line and the October high would raise the odds of a double bottom at the September and December lows.