Thursday, 28 April 2016

ASX 200, S&P 500, Nikkei, Hang Seng, STOXX 50, Nifty all lower at trend line resistance

Charts in this post are dailies, all sessions trade.

ASX 200

S&P 500 bearish false break above resistance almost confirmed. Below I show the Dow and NASDAQ 100 whose declines from resistance are clearer, which boosts the case that the S&P will continue lower.




Hang Seng, admittedly not a decisive sell off yet



AUD/USD testing dual daily chart trend line support, ahead of strong advance?

Daily chart for AUD/USD shows it is testing dual trend line support. I have revised the wave count slightly from previous posts, now looks a better fit for the trend lines and the waves on the intra day charts. This count sees a running flat as complete or nearly so, to be followed by a strong five wave advance from near current levels.

Monthly chart shows 7.x year cycle currently acting as a bullish tidal force. If the market is to remain above the nearby trend line in to month's end, it must close Friday above 75.50ish. Anything else could call in to question the bullish case.