Thursday, 17 October 2013

S&P 500 - close to a top? Maybe but trend still up on daily and hourly charts

Anyone who follows my posts and even moreso those who follow my tweets on twitter will know that I think the S&P is near a significant top. The long term charts I posted yesterday and on the weekend suggest that view is a possibility to play out. That said, the trend on the short term charts (daily and hourly) is unambiguously up, so there is no case for suggesting the top is in yet.

Daily


Hourly rallying from trend line support in European trade


Gold daily chart - rallies to test key trend line resistance


Nikkei daily chart - testing triangle trend line resistance