Saturday, 2 March 2013

ASX 200 continues to trend up #asx

Weekly chart first. Previous resistance at around 5000 has now become support, tested by the market in the past two weeks. We can't rule out another test, but it is not required.

Daily. Up trends don't last forever, but there is no sign yet that this one is finished.

S&P 500 weekly and daily chart trend lines #spx

Weekly chart first. The market is soooo close to the 2007 high that I'd be surprised if it didn't test that level. I've been surprised before, so we'll have to wait and see.

Daily chart. Will the up trend or bearish wedge come out on top? I think that if this wedge was active, the market should have fallen hard by now, so my expectation is that the market will continue to trend up. As I said, I've been surprised before. There are other wedge patterns that can be drawn on this market, that would remain live potentials even following a test of the 2007 high.

AUD/USD eighteen month old triangle still the main influence on this market #aud

Weekly chart first. False upside break? If so, prices should continue to fall, eventually lower from the triangle. Or just the pattern morphing in to something else? The market will let us know in due course.

Daily chart shows that the market is range bound at this time frame, with a shelf of potential support just below the current market.

EUR/USD weekly and daily chart trend lines #eur

Weekly first.


GBP/USD following bearish break from triangle, now testing trend channel support #gbp

Weekly chart first. The triangle pattern indicates much lower prices lie ahead. If the market can break channel support, those lower prices will arrive rapidly. But maybe there will be a bounce now from that support? We'll find out this week.

Daily chart next. As I suggested last weekend, the overhead trend channel did indeed act as resistance.

Gold weekly and daily chart trend lines #gold

Weekly first. Range bound, for now.

Daily. If the weekly chart range is to continue, this market has no business below last May's low.

Silver weekly and daily chart trend lines #silver

Weekly first. Arguably consolidating after the bullish breakout from the descending triangle.

Daily. If the weekly picture is indeed still bullish, it should influence this time frame soon.