Thursday, 27 August 2015

ASX 200 testing cluster of trend line resistance

ASX 200 daily chart including all sessions trade. Testing resistance at the January low, the lower line of the trend channel formed from the peak, and also the trend line drawn from the two lows in June.

S&P 500 turned lower from test of gap, December low, and 50 Fib of recent swift decline

Daily chart shows the S&P 500 today rallied to within a fraction of its December low, then turned lower. Both charts include all sessions trade.

4 hour chart shows the market also rallied to the lower end of the recent gap, and within a fraction of the 50 Fibo retracement of the recent swift decline. If the market rallies further, next cluster of resistance may be near round number resistance at 2000, which is close to the 61.8 Fib and trend channel resistance.