Wednesday, 11 June 2014

S&P 500 futures down, nearing test of trend line support, failure could complete rally from 2009 low

Hourly chart shows the S&P nearing a test of short term trend line support.

Zooming out, the daily chart shows that the market is close to completing a throw over from the recent bearish wedge. A close below that top line would be a bearish edge, initially targeting the origin of the wedge, around 1740.

Zooming out further still, the weekly chart shows that a continued move lower would complete a small throw over above the bearish wedge formed from the 2009 low, another (larger) bearish edge, targeting the 2009 low. So there is a lot riding on that nearby short term up trend line.

USD/JPY slices through trend line support, peeling lower from retest of long term trend line

Daily chart shows USD/JPY slcing lower through trend line support.

Weekly chart shows the market peeling away from a retest of the illustrated long term up trend line.