Thursday, 20 August 2015

S&P 500 futures testing KEY daily and weekly chart trend line supports

Daily. Still in an up trend, just... but the trend ain't over til it's over.


Gold testing daily chart resistance zone, weekly favours further rally, record highs ahead?

Daily chart shows Gold testing the lower end of a resistance zone formed from some significant lows of the past year. Currently the theme among Gold traders seems to be taking profits on short term longs near this level and/or getting short. It is certainly a time to manage risk if you are long, but at which level, only your own plan can say. You don't pay me enough to share my levels!

Weekly chart suggests that Gold may rally to around 1250 in coming months if past behaviour is a guide. Every rally off the nearby trend line has been good for 200, give or take. Why plan for anything different this time?

Monthly chart illustrates a potential that would currently be heresy to even the most ardent Gold bugs, all of whom seem to be running scared ie. Gold has formed a bull flag from the 2011 high and will rally to new highs in coming years. I think this is a very low probability at this stage, but certainly above zero, and worth putting out there, if only to raise the blood pressure of those who are currently bearish on Gold.

AUD/USD daily chart approaching another test of key parallel trend line support

S&P 500 again testing trend line support, strong move ahead?

Daily chart shows the S&P 500 once again testing key trend line support. I usually post charts free of indicators, but today I've included my favoured moving averages, as they are showing a bearish triple cross, warning of a strong move ahead (yes Virginia, most likely a strong DECLINE). Yes, I know to be wary of moving averages in a ranging market, but it's funny how when an indicator gives a few false signals and is ignored by many, it suddenly starts working. May or may not start working now, let's see.