Monday, 10 June 2013

S&P 500 ps. don't forget the hourly chart Head and Shoulders top neckline

I posted my hourly, daily, weekly, and monthly charts for the S&P 500 a little over an hour ago. Now after having posted my charts on other markets, I realised I'd gotten a bit carried away deleting lines and labels from my own S&P 500 hourly chart as I composed the chart to be included in the post. So here is a more complete version of the hourly chart.

Yes, as I said in the earlier post, the current trend line test looks important. But if the trend line is broken to the upside, the neckline of the Head and Shoulders top looks more important as potential resistance at this timeframe, having been tested a dozen or so times from above.

ASX 200 back below long term resistance, now testing trend line support

Weekly chart shows that the ASX 200 has fallen back below long term resistance.

Daily chart shows the market testing trend line support.

S&P 500 wrestling with key trend line resistance

Daily chart shows the S&P 500 wrestling with key resistance at the illustrated down trend line.

Hourly chart zooms in on the daily chart down trend channel.

Zooming out to the weekly chart now, illustrates a possible megaphone scenario, which while ultimately very bearish, allows for possible (possible) higher prices in coming weeks and months.

Zooming out further to the monthly chart shows that the S&P has yet to conclusively escape the gravitational pull of the arguably 16 year old trading range. Why do I say that? It has yet to beat the 2007 high by the percentage that the 2009 low beat the 2002 low.

Nikkei's long term trend is down, daily chart shows rally to test trend line resistance

Monthly chart shows that the Nikkei's long term down trend likely kicked off a new leg lower in May.

Daily chart shows that the Nikkei is rallying towards a test of trend line resistance.

Gold set to accelerate lower?

Daily chart shows Gold has turned lower from the 40 day moving average, as it has many times since last October. Is it set to accelerate lower? Nobody knows, but it's in the zone where there's a good chance it could.

Weekly chart suggests that a move lower now would provide a downwards breakout from the relatively gentle illustrated down trend channel.

Silver trending lower, long term target below 14

Daily chart shows Silver trending lower. Beginning a newly accelerated burst to the downside? Looks to be, unless it can rally back above the mid channel down trend line.

Weekly chart provides a long term target for silver of below 14, suggested by the break lower from the long term descending triangle. The height of the triangle was almost 50%, indicating a target of almost 50% below the breakdown point. 

AUD/USD testing long term support but targeting 82 cents

Weekly chart shows the AUD/USD is testing long term support, and also illustrates the recent break from a long term triangle, which provides a measured target of 82 cents or so.

EUR/USD completing the right Shoulder of a multi month Head & Shoulders top?

Has the EUR/USD completed the right Shoulder of a multi month Head and Shoulders top?

USD/JPY wrestling with long term resistance

Monthly chart shows the USD/JPY wrestling with long term resistance. It also shows the wedge / ending diagonal that the USD/JPY formed as it was bottoming. The top of the wedge provides a measured target for the current rally, so 120ish. Given the long term bearish look of the Nikkei, and given that the Nikkei and USD/JPY charts have been headed in the same direction in recent months, I am skeptical of the measured target on this market, unless/until it beats the long term resistance zone.

GBP/USD turning lower at trend channel and trend line resistance?

Daily chart begs the question, is the GBP/USD turning lower at trend line and trend channel resistance?

Weekly chart illustrates a bearish break from a multi year triangle, targeting 1.30 or so.