Saturday, 27 October 2012

ASX 200 trending upwards

The ASX 200 continues to trend upwards. Charts include after hours trade. First the daily.


Secondly zooming out to the weekly, which shows the market trading above past resistance, now support in the mid 4400s.


S&P 500 which trend channel will prove true?

I can see two trend channels on the daily chart, one showing a potentially bullish scenario, while the other favours a bearish outcome. Which trend channel will prove true? Wait and see, but keep in mind the big picture context and momentum of a market that has been trending up since early 2009. Also I can as yet see no sign of a top on the ASX 200, which in recent years has been joined at the hip with the S&P.

As I said, two channels. The first, potentially bullish.



The second, which I have posted previously, showing a bearish trend line break.


AUD/USD range bound within a bigger picture triangle

Here's the range.


And zooming out, here's the triangle.


Was EUR/USD bearish trend line break false?

Next week's action will answer the question. Here's the trend line I am writing about.


Zooming out for context.




Gold range bound but don't forget the bigger picture up trend

The first chart shows that Gold has been range bound for the past 12 months or so.


Zooming out illustrates the bigger picture up trend. Note the recent bullish moving average cross.


Silver range bound pending trend line retest

Silver has been range bound for the 12 months or so, largely between $26 and $36. A retest of the trend line could (could) provide a platform for rally upwards out of the range.