DOW and SP500 weekly charts Fri Aug 13 inclusive.
The indexes continue to be pulled in opposing directions by the
buyers and sellers – as exemplified by choppy price action and
megaphone wedges. Daily charts are bearish to neutral.
Weekly charts are bearish to neutral. Monthly charts are bearish
to neutral.
As mentioned earlier, weekly and monthly charts have been topping
and basically going sideways since early May 2010. This topping
process will cease and increased selling pressure and more bearish
consensus should result in a more pronounced downtrend
developing.
EURUSD daily chart is bearish. Weekly chart is neutral. Monthly
chart is bearish to neutral. The opposite applies for the Dollar
Index so further USD upside is still expected.
CRUDE OIL daily chart is neutral to bearish. Weekly chart is
neutral. Monthly chart is neutral to bearish.
COPPER daily chart is bearish to neutral. Weekly chart is neutral.
Monthly chart is neutral. Copper long term charts have not been
bullish for some time – warning what’s ahead for the global
economy.
Unfortunately the March 2009 lows will be breached as long term
trends remain bearish.
