Tuesday, 23 April 2013

ASX 200 attempting to rally free from support zone

Weekly chart includes after hours trade, and shows the ASX 200 attempting to rally free from resistance turned support.

S&P 500 trend channeling higher, but I still don't trust any break above 2007 high

Daily chart illustrates that the S&P 500 is trend channeling higher.

Monthly chart illustrates that the market is trading near record highs. For what it is worth, I wouldn't trust any break above the 2007 highs by the S&P 500. This may be a monumental mistake on my part, but there you go. Can't win 'em all, and there are plenty of other markets to trade, so being wrong wouldn't bother me. I think the market remains range bound. Earlier this month the market beat the 2007 high by less than 40 points. In my view this is not enough to give confidence in the breakout. The monthly chart illustrates that in 2009 the market dropped 100 points below the low from 2002, then snapped back.

NASDAQ 100 trend channeling higher on daily chart

Now that last week's break from the previously illustrated wedge looks false, a trend channel higher looks the best fit. The futures are rallying in European trade.

Gold trend channeling lower on weekly chart, or is it a bull flag?

Weekly chart shows that both the bull flag and down trend channel options are still on the table.

A rally the hourly chart channel would favour the bullish (bull flag) big picture scenario. A decline below the hourly chart channel would result in a decline below the big picture down trend channel, and favour a resumption / acceleration of the recent down trend. Don't rule either out. Trade what you see!

Silver bursting lower from descending triangle, or simply channeling gradually lower?

So many questions, so few answers.

The triangle scenario targets 1350ish, being a 48% decline from the breakdown level, equal to the 48% decline represented by the maximum height of the triangle.

The down trend channel suggests the decline could be almost done.

AUD/USD still range bound

Daily chart shows that the AUD/USD is still range bound.

Weekly chart next, and yep that measured target of 1.22 would still apply for an upwards break from the triangle. Though best to watch the trading range for now, specifically, which way will the market break?

EUR/USD watch for a prolonged rally to begin so long as today's low holds

The bullishly crossed 18 and 40 day simple moving averages suggest the market could be beginning a prolonged rally, so long as today's low holds, or at least not substantially broken.

GBP/USD rallying within daily chart trend channel, toward retest of weekly triangle?

Daily chart shows the GBP/USD rallying from trend channel, so long as today's low holds.

Weekly chart begs the question, would further rally extend to a retest of the triangle? There should be stiff resistance between 1.53 and 1.55ish. Below today;'s low I think all bets are off.

ASX 200 pushing toward a break higher from corrective trend channel?

Both charts in this post include after hours trade, which currently suggests a cash market open this morning around 4977, 10 points above yesterday's cash market close of 4967.

4 hour chart shows the recent corrective trend channel, with the ASX 200 overnight pushing toward the upper boundary.

Weekly chart shows the market near the top of a long term resistance turned support zone.

NASDAQ 100 last week's break lower from wedge now looks false

I like false breaks.