Thursday, 30 May 2013

S&P 500 closes below top trend channel line for first time in over two weeks

The S&P 500 made its first New York and GMT end of day closes below the top trend channel line for over two weeks. If those closes signify the end of a false break higher, the futures should turn lower from nearby current levels, as the top line is currently being retested.

GBP/USD positioned to resume daily chart down trend?

GBP/USD is testing the 18 day moving average. In my books, if the down trend is to remain intact, the market must remain below the 40 day moving average.