Friday, 31 May 2013

S&P 500 futures testing support shelf on hourly chart

Hourly chart first, showing the S&P 500 testing a support shelf. Or is it the neckline for a Head and Shoulders top? Indeed it doesn't take too much imagination to see two Head and Shoulders tops, a larger one whose Head was the May peak, and a smaller one forming the right shoulder of the larger pattern.


Daily chart suggests that a break lower through the hourly chart support shelf would add further confirmation that mid-May's break higher was false, and that a down trend is beginning.


Will Gold again turn lower following test of 40 day moving average?

Daily chart. Since October Gold has turned down shortly after each test of the 40 day simple moving average.


EUR/USD turns lower at trend line resistance then breaks lower through trend line support

Hourly chart. Click on chart to increase size of image.


GBP/USD turns lower at Fibo 38.2 retracement of May's decline, now testing trend line support

Hourly chart. Click on chart to increase size of image.


Nikkei testing key trend line support after hours

Daily chart shows key test of trend line support.


Long term monthly chart suggests to me that this goose is cooked. Down trend set to resume methinks.