Sunday, 24 May 2015

ASX 200 sideways unless nearby support or resistance broken

S&P 500 technical picture remarkably simple, favour upside unless < 2115

There are lots of trend lines and indicators I could show, but really the S&P 500's technical picture is very simple. While it stays above illustrated support, favour further upside. If below, favour sharp downside. Frankly I am expecting the latter, but I'll let the market prove or disprove that expectation. It's worth keeping an eye on the NASDAQ 100's current trend line test.

NASDAQ 100 testing parallel trend line resistance, big tell for broader market

EURO STOXX 50 testing trend line resistance

AUD/USD breaks below trend line support, nearing test of mid channel support

Gold closes week on trend line support

Silver daily chart trend still up, closes week on support