Tuesday, 29 September 2015

ASX 200 daily chart testing short term trend channel support

Daily chart including all sessions trade, shows the ASX 200 testing and rallying (so far) from short term trend channel support. I would not be surprised to see a rally back to the top of the channel, and then up through the top of the channel toward higher levels. Everyone was watching for a break lower from the triangle, mysteriously named a wedge by many, and we got it today, but the almost universal attention to that pattern weakens any potential for follow through on the break. The big picture (last posted a week ago) remains bearish, and the market could rally as much as 600 points from current levels without threatening the big picture bearish case.

S&P 500 testing dual trend channel support, rally possible toward 2040 from current levels

Daily chart shows the S&P 500 testing dual trend channel support. Includes all sessions trade. A rally toward the top of the larger channel would take the market to 2040, give or take. Don't rule it out, though by the same token, it is a low odds potential until we see a rally from the current steep down trend channel.

Gold retains near term bullish potential, certainly while today's low holds

Daily chart shows that Gold last week tested and turned lower (so far) from trend line resistance. Will the recent decline extend?

4 hour chart wave count and trend lines show that the market retains bullish potential, certainly while today's low holds.

Silver daily chart rallied today (so far) from up trend line support

AUD/USD daily chart rallied today from parallel trend line support

EUR/USD daily chart parallel trend lines acting as support/resistance