Friday, May 27, 2011

Closing market analysis

 FXA or the Australian Dollar -as I've shown tends to lead the market from time to time. This doji, nearly a shooting star is not bullish.

 Here's the 5 min of FXA , also not bullish

 The SPY has gained a bit into the afternoon as the 1 min chart suggested, but there hasn't been any substantial improvement in the 5 min chart.

 You can see we are at the apex of the triangle, which provides resistance. I was hoping we'd see $135, but even here, the move has done what it was intended to do.

The 30 min chart is still pretty strong so the chance of $135 is still there, but it certainly looks like we'll see some downside early next week. That downside could be it for the market, or we may get to $135 on a last gasp move. Either way, I'd start planning now for a downside move into next week.

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