Tuesday, 15 May 2012

ASX 200, please don't forget, has been in a bear market since the 2007 top

The ASX 200 has been in a bear market since the 2007 top.

Zooming in, the market is testing the zone surrounding the trend line drawn from last August's low. Each day that passes without a rally is a step closer to a break of the trend line.

S&P 500 pushes lower from short term trend channel, and below support zone surrounding 2011 highs

A push below last night's low would make things exciting, I think.

AUD/USD breaks lower from down trend channel

Unless AUD/USD rallies back inside the channel, expect an acceleration lower.

EUR/USD looks headed toward Head and Shoulders measured target around 1.26

The alternate potential illustrated on the weekend has been blown away, leaving the Head and Shoulders standing head and shoulders above all other possibilities. Sorry.

Gold beaks lower from recent trend channel, looks headed to a test of the late 2011 lows

Silver pushes lower through mid-channel line