Tuesday, 1 September 2015

ASX 200 again testing trend line drawn from 2009 and 2012 lows

Weekly chart shows the ASX 200 again testing the up trend line drawn from the 2009 and 2012 lows. Charts include all sessions trade.

Daily chart shows that this week's decline follows a turn lower from Friday's test of trend line resistance. As I said on Twitter at the time, "#ASX 200 testing key resistance. If I was the type to stand on my desk and shout it, that's what I'd be doing".

S&P 500 futures sharply lower, near test of short term trend channel support

S&P 500 cash market closed Monday in New York at 1972. Futures currently point to a cash market open around 1935.

Weekly chart shows the S&P 500 has broken lower through the trend line drawn from the 2011 and late 2012 lows. Further weakness could target the trend line drawn from the 2009 low, around 1700.

Daily chart shows the market's recent short term rally tested the early 2015 lows and has since turned lower. So the near term trend remains strongly down. That said, don't rule out a rally toward the next higher resistance zone, beginning around 2040.

4 hour chart shows the market trading in an upwards corrective trend channel. A break lower would boost the case that the upwards correction has topped.

EUR/USD daily chart - respecting short term up trend line