Saturday, 1 June 2013

ASX 200 after hours trade closes the week at key support

Weekly chart shows that ASX 200 after hours trade closed the week at 4866, coinciding with key support, and well down from Friday's ASX cash market close of 4927. The ASX 200 may find support down to 4800, but below that the recent pop over 5000 will look like a big false break, and this market will likely head much lower. Keep an eye on the US market, and particularly the Nikkei which looks to have topped.

S&P 500 up trend is over

Daily chart shows that the up trend that began in November is now finished. What next?

Monthly chart shows that the S&P 500 is trading at record highs having recently escaped a more than decade long trading range. But has it really escaped? I don't trust the breakout, unless it can beat the 2007 high by a greater percentage than the false break lower in 2009 beat the 2002 low. A move over 1785 or so is required to meet that criteria and escape the gravitational pull of the trading range. Unless that happens I am looking for a devastatingly swift move to below the 2007 high and subsequently much lower.

Nikkei showing monthly chart gravestone doji at long term trend line resistance

Monthly chart

Daily chart shows that after hours trade ended the week testing key trend line support.

Gold resuming near term down trend now?

Weekly chart zooms suggest that Gold is accelerating lower from the relatively gentle down trend channel of the past two years.

Daily chart shows that since October Gold has repeatedly turned lower from tests of the 40 day simple moving average.

Hourly chart zooms in and shows a trend line break on Friday.

Silver in clear down trend channel on daily chart, measured target is 13.60

Daily chart shows moving lower in a down trend channel, and perhaps again turning down from the mid channel line.

Zooming out to the weekly chart shows Silver completed a multi year descending triangle, with a measured target of 1360 or so.

AUD/USD next stop 94 cents?

The AUD/USD made its lowest weekly close since late 2010, closing below the top illustrated support level, and therefore likely headed directly for a test of next lower support at 0.94 or so.

EUR/USD forming big Head and Shoulders top

The question is, has the right shoulder peaked or not? Trend line resistance suggests that so long as this week's high holds, the Shoulder has peaked and the Euro is headed directly for a test of the neckline.

AUD/JPY trending down on daily chart

GBP/USD trending down on daily chart