Wednesday, 25 March 2015

S&P 500 all sessions testing hourly chart trend line support

AUD/USD rallies through down trend line resistance, straight in to parallel trend line resistance

Hang Seng rallies to dual parallel trend line resistance

As per my tweet earlier today, I have been bearish the [big picture for the] Hang Seng for some time, but its refusal to go down has me starting to consider alternate bullish scenarios. Today's high appears important, with the market testing dual parallel trend line resistance. Above that high, another test of the 25000 region would appear inevitable. Decisively above 25000 would be long term bullish, negating the bearish big picture view I have described many times in recent months. Let's see. Right now, with a short term view, I'm looking to get short on weakness, but fully prepared to turn on a dime.