Sunday, 12 April 2015

ASX 200 upside triangle break would target 6250

Daily chart shows that the ASX 200 appears to be forming an ascending triangle. An upside break would offer a measured target of 6250.

Weekly chart shows that 6250 would coincide more or less with the top line of the blue trend channel.

S&P 500 range bound ahead of move toward 2150?

S&P 500 daily chart shows the market is range bound. A break higher would target the top trend lines around 2150. Could break lower, of course. Let's see. All charts in this post include all sessions trade.

Anyone interested in the S&P should of course keep an eye on other US indexes.

Dow daily chart is worth a look, simply for the trend channel it has largely followed for more than a year now.

NASDAQ 100 daily chart next.

Zooming out to the NASDAQ 100 weekly next. S&P & Dow weeklies (not shown) also tell a similar story ie. closer to trend channel resistance than support. Could continue to grind higher along the top trend line.

Hang Seng spiking toward top of 3.5 year old trend channel

Daily chart shows the Hang Seng's spectacular spike last week.

Weekly chart shows that the spike has almost carried to the top of the illustrated 3.5 year old up trend channel.

Next weekly chart zooms out to show my interpretation of market behaviour from late 2007, and the implications for the next couple of years.... MUCH lower in big wave C.

EURO STOXX 50 channeling higher

Daily chart shows the EURO STOXX 50 index channeling higher.

Monthly chart illustrates that in my view the current rally is wave C of an upwards correction. Once wave C is complete we will see a move below the 2009 low. Doubtless sounds like crazy talk. From a trading point of view, the daily chart is my focus.

Gold forming an inverse Head & Shoulders bottom that could target 1300?

Daily chart shows that Gold may be forming an inverse Head and Shoulders bottom. A break above 1225 would have a measured target around 1300.

Weekly chart down trend suggests that any bottom now would likely be temporary. A rally through mid channel resistance around 1300 would challenge that view.

Silver trading scrapily sideways below key resistance

Daily chart illustrates the scrapiness mentioned in the title of this post

Weekly chart better illustrates key resistance. The down trend tells us to look for fresh lows ahead, in coming months.

AUD/USD drifting sideways in a trend channel, watch for clean break

Daily chart shows AUD/USD drifting sideways in a trend channel. A clean break will indicate the direction of the next trend.

Weekly chart

AUD/JPY closes the week on short term channel support, near long term channel support

Daily chart shows AUD/JPY closed the week on short term channel support.

Weekly chart shows that a move lower would threaten long term trend channel support

EUR/USD bottom may be in, though it's anything but clear cut

Daily chart doesn't yet show any clear sign or pattern of a market that has bottomed

The weekly shows the market attempted to rally from trend channel support. A break lower from the trend channel would be interesting, to say the least.

USD/JPY respecting trend line resistance, speed bump on way to 125?

Daily chart shows USD/JPY respecting trend line resistance

Monthly chart suggests the market should eventually climb closer to the origin level of the wedge, just short of 125,