Sunday, 15 November 2015

ASX 200 all sessions makes lowest weekly close since 2013

ASX 200 all sessions trade last week made its lowest weekly close since mid 2013. The market is telling us plainly that it is weak and weakening.

Monthly chart shows the market continuing to grind through long term trend line support, and illustrates the scenario that I believe is likely to unfold over the next year. A decline to below 3000.

Daily chart next. I can see no reason to doubt huge downside potential for this market unless it can get above the neckline of the recent Head and Shoulders soonish.

S&P 500 kissing goodbye to multiple long term trend channel resistance lines

Monthly chart shows S&P 500 all sessions kissing goodbye to resistance at the top of two trend channels, one 25 years old and the other 6.5 years.

Zoomed in monthly chart to better show those kiss goodbyes.

Daily chart, kissing goodbye to completely different channel resistance.

EUR/USD testing resistance at long term down trend line

Daily chart

Daily zoomed in