Saturday, 12 March 2016

S&P 500 testing dual trend line resistance, huge parallel trend line nearby

Daily chart of the cash S&P 500 shows it closed Friday testing dual trend line resistance. Will the market continue higher in attempt to fill the gap from the beginning of January? I don't know, nobody does, but if it does so then I do have an idea about what the next and final line of resistance would be.



Zooming waaaay out now to a weekly chart of all sessions trade, showing parallel trend line resistance. If the market rallies through the nearby lines then I expect it will hit record highs within a couple of months.



Daily all sessions chart next to show a close up of the nearby parallel lines from the weekly. Another example of potential dual trend line resistance, albeit at a slightly different level to the cash market. Bottom line is, while the S&P all sessions remains below 2050, I will give the benefit of the doubt to the bearish potential of the decline that began at the 2015 peak. Above that level, I'll favour record highs within months.

ASX 200 trending down from the 2015 peak, trend line support shredded

Monthly chart. Log scale. All sessions.


EUR/USD rallying from 30 year old trend line support

Monthly chart. Log scale.


AUD/USD pushing up through LT trend line resistance as 7 year cycle low kicks in

Monthly chart. More like 7.x year cycle but you get the idea....


Longish term charts for Big 4 Aussie banks - no evidence that declines are complete

Thought I'd post longish term monthly charts for the Big 4 Aussie banks. I don't trade the banks, I don't have the patience, but I like to keep an eye on them as they make up a huge component of the ASX 200.

ANZ



CBA



NAB



WBC... Head & Shoulders top forming? Peak of right Shoulder may not yet be in.