The upside target suggested by the S&P 500's daily chart trend channel is more or less 1576, the same level as the all time high from 2007. Doubly strong resistance or just an interesting coincidence? As I pondered on the weekend, will we see a blow off to end the current up trend? Or a more gradual topping pattern? If the former, then 1576 will likely not even be a speed bump. Let's wait and see.
Monday, 11 March 2013
The GBP/USD has tonight broken below last week's low. The four year duration triangle is now history, indicating a long decline has begun, but more interesting at this juncture is the trend channel that has just been left in the rear view mirror, as the market should stay below the channel if the down trend is to accelerate. Let's see.
Happy 100th birthday Canberra. Onwards and upwards! Certainly for the number of residential property listings, both For Sale and For Rent. Expect record highs for both measures on this chart in coming months.