Thursday, 20 November 2014

ASX 200 4 hour chart update

I'm continuing to like the 4 hour chart as a tool for gauging the ASX 200's behaviour. If you want my longer term view, have a look at my post from Monday.


S&P 500, Dow & NASDAQ 100 all testing trend line resistance, turning lower?

Daily charts for the S&P 500, Dow and NASDAQ 100 show all these markets testing trend line resistance in recent days. Futures are trading lower in the current European session compared to the Wednesday US close, hinting at a possible turn lower?

S&P 500



Dow



NASDAQ 100



Hang Seng smashes short term trend channel support, big decline just beginning?

Daily chart shows the Hang Seng smashing lower through potential support from two trend channels.



Weekly chart Elliott Wave count suggests that the current move lower is merely the initial baby steps of a monster decline. Obviously a key to this scenario unfolding is a break of nearby trend line support in coming weeks. Let's see.


Gold rally reaching moment of truth at test of overhead resistance

Daily chart shows Gold testing the 40 day moving average, which during down trends in this market often acts as resistance and a level from which moves to fresh lows are launched. I have limited this chart to 2014 for the sake of clarity, but try zooming out to and you'll see how effective the 40 day MA has been as a trend indicator for this market.



Weekly chart shows Gold attempting to rally from trend channel support, and now testing the illustrated resistance zone. Any slip below 1175 or so (this week's low) would suggest that fresh lows are likely.


AUD/USD rally falters, a move below November low would target 0.84

Daily chart shows the AUD/USD perhaps headed for a retest of the November low.



Weekly chart suggests that a break lower, if it happens, would target 0.84. A move below both trend channels would signal an acceleration of the down trend and indicate much lower levels lie ahead, but failing such a move, look for a sustained rally to begin from nearby current levels


Nikkei testing trend line drawn from highs of 2009, 2010 & 2013

Weekly chart shows the Nikkei testing the trend line drawn from highs of 2009, 2010 & 2013.