Thursday, 1 March 2012

ASX 200 tests trend line drawn from October low

In after hours trade the ASX 200 (SPI) is testing the trend line drawn from the October low. A sustained break below today's low and the trend line would lead to a bearish triple moving average cross. A similar bearish triple cross formed in late August at the top left hand corner of the chart.

S&P 500 false break above 2011 high, tests 2012 trend line

In the past 24 hours the S&P 500 (SPX)  broke above the 2011 high by 2 two points, before completing an outside reversal day / bearish engulfing pattern. It is testing the trend line that has supported all price action in 2012 so far.