Thursday, 19 June 2014

Gold testing trend line resistance, a break could target 1350

Daily chart shows Gold testing trend line resistance.

Weekly chart shows that next trend line resistance is found from 1340 to 1360.

ASX 200 rallies back to trend line drawn from 2012, 2013 & 2014 lows

Last week the ASX 200 closed below the trend line drawn from the 2012, 2013 & 2014 lows. Today it has rallied back to the under side of the trend line, so an important close to the week awaits us. Chart includes all sessions trade.

S&P 500 hits record high, but long term chart patterns for it & Dow warn big top is near

Weekly chart of S&P 500 shows it hitting another record high, perched precariously above the top line of a bearish wedge formed from the 2009 low. The market flirted briefly in recent days with a move back below the upper trend line. A decisive move below that line would indicate that the rally from the 2009 low has peaked. Needless to say the market could now rally further before we see such a move.

Next chart is a monthly of the Dow all sessions, showing a fourteen year old bearish megaphone top, with the market perched precariously atop the upper trend line. A decisive move through this month's low would indicate that the entire pattern has topped. This is an incredibly bearish pattern, probably unbelievably bearish to most. It is what it is.