Wednesday, 26 November 2014

ASX 200 trend is down unless 5450 is beaten

ASX 200 weekly chart moving averages indicate that the trend is down unless we see a decisive rally above 5450.



4 hour chart shows the market testing trend channel resistance. A new up trend channel that will launch prices even higher? Or an upwards corrective trend channel to be followed be a resumption of the preceding down trend and a move to new lows? I favour the latter, while the market stays below 5450.


Charts include after hours trade.

S&P 500, Dow, and NASDAQ 100 all still testing trend line resistance

S&P 500 daily chart shows a breakout.



Weekly chart of the S&P shows that the "breakout" is no such thing, merely another test of long term trend channel resistance.



Daily chart of the Dow shows another test of trend line resistance.



Daily chart of the NASDAQ 100 shows a test of trend line resistance.



All charts show all sessions futures trade.

Gold rallying from support at trend channel drawn from 2011 high

Weekly chart.


AUD/USD nearing test of support at trend channel drawn from 2011 high

Weekly chart. All hell could break loose on a move below next potential trend channel support just above 0.84, but unless/until that break happens, expect a test of the trend line followed by a rally. I saw sooo many bearish stories and opinions today, both in the mainstream media and from the Twitterati, so emotion toward the Aussie is extreme, and likely nearing a reversal.