Saturday, 10 November 2012

ASX 200 continues to trend up

The ASX 200 continues to trend up. The chart is showing a short term down trend channel, but the larger degree up trend from June continues. Is this a warning that the S&P 500's down trend is on borrowed time? Or will the ASX 200 soon fall in to line with the S&P 500's down trend? Nobody knows. Watch market action relative to those trend lines, and in due course you'll have the answer.


S&P 500 trading within a down trend channel

The S&P 500 is trading within a down trend channel. The down trend is young, but should be given the benefit of the doubt unless overhead resistance is beaten. That resistance zone surrounds 1400, the level of multiple lows in August, September and October. Log scale chart shown, to my eyes a better fit on this market than arithmetic, which I had been using til last night.


DAX breaks up trend line but still in potential bull flag

Log scale chart, to my eyes a better fit on this market than arithmetic, which I had been using til last night.


AUD/USD nears the upper boundary of big symmetrical triangle

Momentum (not shown) is waning, but until those up trend lines are broken, the trend must be given the benefit of the doubt.



EUR/USD continues its eighteen month down trend


Gold weekly hinting at resumption of bull market but still range bound

The bullish moving average cross is a bullish edge, but until resistance at 1800ish is beaten this market is range bound.


Silver weekly hinting at resumption of bull market but still range bound

The bullish moving average cross is a bullish edge, but until resistance at 35ish is beaten this market is range bound.