Saturday, 23 February 2013

ASX 200's up trend is intact

S&P 500 is the up trend finished?

Is the S&P 500's up trend finished? The chart suggests it could be finished so long as that wedge is indeed the active pattern, or it could merely be pausing. However my reading of the other two stock markets I follow on this site, the ASX 200 and DAX, is that they have not yet topped, so I'd be surprised if the S&P 500 has. Maybe next week will clarify the situation, one way or the other.

DAX's multiple false breaks indicates sideways trend most likely

There are of course three directions a market can trend. As a trend trader I am always looking for up trends and down trends, but the reality is that markets spend most of their time moving sideways at any given time frame. Also as a trader I am not immune to seeing what I want to see ie. up or down trends when the trend is in fact sideways. The recent spate of false trend line breaks by the DAX indicate that for now it is moving sideways. Following a period of consolidation, the odds favour an eventual break in the same direction as the preceding trend. In this case, up.

AUD/USD remains in eighteen month triangle, can it rally free?

Weekly chart shows the triangle.

Daily chart shows that late in the week the market began moving towards yet another test of that upper triangle line. If it can beat the line the dual February lows would look like a double bottom.

EUR/USD breaks lower through up trend line, could be the start of something big

Daily chart shows the trend line break.

Weekly chart shows that the next leg lower of the downwards grind of recent years could be kicking off.

GBP/USD smashes through potential support

Weekly chart shows the GBP/USD bursting lower from the triangle and this week through potential support at the 2011 and 2012 lows.

Daily zooms in to show the GBP/USD has accelerated downwards from its recent trend channel. The channel now acts as potential resistance.

Gold range bound or trending down?

Just like Silver, depends on your time frame.

Weekly chart is range bound, so long as the 2012 lows hold. Surely they will be tested? Nothing is a certainty.

Daily chart the trend has been down.

Silver's range bound or trending down?

Depends on your time frame.

The weekly chart shows a range bound market, with the recent action looking corrective, not the start of an impulsive move lower.

On the daily chart the recent trend has been down. A rally back inside that channel would be encouraging for the bulls.