I wrote a post over the w/e noting many FX pairs are at key S/R levels but the same applies for some of the stocks on my watch list; charts below. Most of them are NASDAQ stocks.
Gold is holding above a broken 6-year bear trend line and has continued higher to break up through the $1,300 level. I wrote an article about this bear trend line breakout a few weeks ago. Silver has now broken above its 6-year bear trend line so watch for any follow-through with this metal. The monthly and weekly chart’s of both metal show plenty of room for some healthy mean reversion activity.
Here is how I’m seeing the daily chart of some stock Indices shaping up this week (and one 4hr chart). Not a lot has changed since my w/e post. I did write a separate article over the w/e noting that I am looking for healthy pullback on some of the Indices and this remains a work in progress. I hold a bullish view for stocks over the longer term BUT trends do not travel in straight lines forever.
It was over three years ago, in July 2014, when I charted the S&P500 and DJIA indices predicting bullish targets for their respective ascending triangle breakouts. Back then I noted a target for the S&P500 of around 2,500 and for the DJIA of around 21,000 although I was uncertain of the time frame for these moves. Those targets have now been reached though! Both indices have enjoyed a bullish run since the end of the Global Financial Crisis and I’m now looking out for any pause for them, or healthy pullback, given that trends don’t travel in straight lines forever.
The top four Australian banks are forming up in new and large weekly-chart triangle patterns. Previous large triangles on these instruments eventually led to trend line breakouts that offered significant percentage gains circa 40 ~ 60%. Thus, the trend lines are worth monitoring here!