Monday, 21 July 2014

ASX 200 STILL testing long term trend line resistance

Weekly chart illustrates. Yet to beat the late April high, which could turn out to be a significant divergence from the cash market, which last week beat its late April high. Charts include all sessions trade through to the current European session.

Zooming in on the weekly.

Daily is a choppy mess, not worth posting in my books.

Dow bearish wedge STILL forming, S&P poised precariously atop even bigger bearish wedge

Daily chart shows the Dow STILL forming a bearish wedge. I write STILL due to having been banging on about this pattern seemingly forever. Maybe it will morph in to something else, but all I can do for now is describe as it is, and keep my eyes open for any changes. Charts in this post include all sessions trade through to the current European session.

Weekly chart of the S&P 500 shows an even bigger bearish wedge. Taking these two patterns together suggests that any near term weakness in US stocks has potential to signal a significant top.

Next chart zooms in on the S&P weekly. Below last week's low would complete a false break higher, and likely also move the Dow downwards beneath its shorter term wedge.

AUD/USD lower from daily chart down trend line

EUR/USD lower from down trend line on daily, testing weekly chart up trend line support



Weekly zoomed in

Gold in up trend channel on daily, testing overhead down trend channel resistance on weekly



Silver in up trend channel on daily? Down trend on weekly