Sunday, 26 July 2015

ASX 200 trending lower, slicing through supports

Daily chart shows the ASX 200 is trending lower in a channel, slicing through supports. Next lower support zone surrounds 5400, and the market looks likely to test those levels, unless it can get above 5600 early in the new week.

Weekly chart shows that the market closed last week below the bottom line of the Elliott Wave channel connecting the lows of waves 2 and 4, for the first time since it began developing. Significant? I suspect so, but we'll see this coming week. A move toward 5400 as suggested by the daily chart would test the conventional trend line connecting the price extremities.

Log scale monthly chart shows the market could be forming an Elliott Wave corrective channel targeting 2700 or so. Or 2300 if you draw the channel on an arithmetic scale chart.

S&P 500 flailing away between resistance and trend channel support, at long term trend line resistance

Daily chart shows the S&P 500 flailing away between resistance and trend channel support.

Monthly chart zooms waaaaay out to show parallel trend lines from the early 1990s. The market has been struggling to beat the top line for all of 2015. A move below this month's low would return the market to the trend channel formed from the 2009 and 2011 lows.

Gold testing key trend channel support on weekly chart

Daily, no sign of a bottom yet, but...

Weekly chart is testing key support, so don't rule out a bottom forming from here.

Silver testing key supports on daily and weekly charts



AUD/USD near multiple trend line supports on weekly and monthly charts