Friday, 26 April 2013

S&P 500 will parallel / repeating trend line angle stop or pause the rally?

Will the illustrated parallel / repeating trend line angle stop or pause the rally? If so then the market has no business going over last night's high anytime soon.

Daily chart, log scale.

AUD/JPY breaks lower from hourly channel, channeling beautifully on daily and weekly charts

As I tweeted this afternoon "AUD/JPY breaking down from hourly channel". Since then the decline has continued, as illustrated on the hourly chart below.

For completeness I'll update the daily and weekly charts I showed this mornings, both of which are also showing beautiful trend channels.

Daily first.


ASX 200 bursts higher from support zone

The ASX 200 cash index closed Wednesday at 5102 and was of course closed yesterday for the ANZAC day holiday. Currently in after hours trade it is at 5132. The weekly chart illustrates that the market has burst higher from the resistance turned support zone. Toward a test of the 2013 high? Seems likely but don't take anything for granted. By which I mean, if you are trading, manage your risk, and if you are forecasting, don't be too sure of yourself.

AUD/JPY channelling beautifully on weekly, daily and hourly charts