Sunday, 17 May 2015

ASX 200 testing trend line resistance. Above that, favour a rally to over 6000

Daily chart shows the ASX 200 testing blue trend line resistance just above 5750. It looks to me like a 5th wave higher is needed to complete the rally from the October low.

Weekly chart, looks like the market wants to ride the top of trend channel (a little?) higher

S&P 500 breaking out to the upside? If so, targeting 2150, beyond that 2200+

Daily chart shows the S&P 500 closed the week above the February high. The illustrated trend channel offers an upside target of 2150.

Weekly chart trend channel offers a target closer to 2200. The market could ride the trend line higher for a period, toward even higher levels.

Hang Seng Head and Shoulders top scenario still skating but on thin ice

Daily chart shows the Hang Seng could be forming a Head and Shoulders top. For this scenario to remain alive, the market needs to decline strongly from nearby current levels.

Weekly chart shows the market turned lower at trend channel resistance, so looking for a top here is reasonable. But the Head and Shoulders must prove itself early in the week, or something else is happening.

Gold testing trend line resistance, further rally would meet stiff resistance around 1300

Daily chart shows Gold testing trend line resistance

Weekly chart shows that any further rally would meet stiff trend line resistance around 1300, if (if) the market managed to rally that high.

Silver rallying toward cluster of trend line resistance between 1770 and 1940

Daily chart shows Silver rallying

Weekly chart shows a cluster of trend line resistance, between 1770 and 1940.

AUD/USD daily and weekly charts, next resistance around 0.83?

Daily chart, next resistance is around the January high. Though the market may have peaked this past week. Let's see.

Weekly shows trend line resistance around 0.83 also.

EUR/USD testing trend line resistance, important test for big picture rally scenario

Daily chart shows EUR/USD testing trend line resistance.

Weekly chart shows the big picture rally scenario, which in my mind still has a big question mark hanging over it.