Saturday, 1 November 2014

ASX 200 testing dual trend line resistance

4 hour chart including after hours trade. Short term trend line test, obviously the market could keep riding the trend line higher, but...

... Weekly chart shows a more important trend line test, that of the line drawn from the mid 2012 low.

S&P 500 hits new record high, immediate upside potential appears limited

4 hour chart of the S&P futures, for mid September onwards. Thought it was worth capturing the pure price action from this extraordinary period, unadorned by trend lines and labels and indicators.

Zooming out to show the entire rally from the 2009 low. The nearby trendlines indicate that immediate upside potential is limited.

Hang Seng rallies to test trend channel resistance

Daily chart shows the Hang Seng rallying to test trend channel resistance. A turn lower would not surprise.

Weekly chart shows my favoured Elliott Wave count.

DAX rallies in to wide band of resistance

Daily chart shows the DAX rallying in to a wide band of resistance.

Monthly chart. Above the October high would call for further rally, while below 9000 would call for further declines. The decline to mid October was shallow relative to earlier declines that came subsequent to bearish MACD crosses, so further declines would not surprise.

Nikkei breaks above 20+ year old down trend line

The wonders of currency devaluation. The Nikkei is rallying strongly when measured in terms of the rapidly depreciating Yen. The bear market is still intact. A new up trend would be signaled only by a higher high (above that of 2007) followed by a higher low and then another higher high.

Gold sharply lower, nearing possible trend channel support just above 1100?

Daily chart shows that once again a move below the 40 day moving average has been followed by an accelerated deline

Weekly chart shows Gold headed for a test of possible trend channel support.

Monthly chart zooms out.

Silver trending lower, targeting 13.00 in coming months

Daily chart shows Silver's recent strong down trend.

Weekly chart trend channel suggests a target of near 13.00 in coming months.

AUD/USD range bound within down trend, new lows likely toward 0.84

Daily chart shows AUD/USD pausing within its down trend.

Weekly chart down trend channel suggests a target of around 0.84 in coming weeks or months.

EUR/USD continues to trend lower

EUR/USD continues to trend lower. Daily chart first.

Long term weekly chart next. The EUR/USD appears to be working its way toward a test of the long term support line illustrated below. A break lower would have hugely bearish implications. Should be an interesting few months ahead for this market.

USD/JPY progressing toward long term target of > 120 in coming years

Nothing has changed for the long term outlook of the USD/JPY since I last posted about it a couple of months ago. Monthly chart shows USD/JPY has cleared resistance and is rallying toward the origin of the bullish wedge, above 120.