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Similarly with other major indices in the world, the S&P 500 is currently running out of steam. The most popular benchmark of the US stock markets has posted a high at 1,040 points last Friday (point B on the chart). However the bullish trend initiated in March seems to be completed as the indicators argue now for a correction.
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In parallel with the stock markets, the commodities rally has reached its peak as the CRB Index posted a recent high at 269.18 points during the first fortnight of August. Actually the commodities benchmark has already retraced slightly as its current price is 249.63. That’s 7.3% lower than the high of August.
On the weekly chart, we see that despite the rebound generated in last March, only a small part of the huge decline occurred last year has been retraced…
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In our last analysis (Money Morning dated 6 May 2009) on Woodside Petroleum (ASX: WPL), we were anticipating a further move to $50 in case the price action would clear the immediate resistance at $43.
Actually the stock cleared the level of $43 but failed to rise to $50. It failed just above $46 at mid-May. That’s a resistance level that has been holding for a long time now as several attempts failed to clear it since November 2008. On the weekly chart, the MACD remains positive but has lost some momentum in the last few weeks and may peak soon…
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Mermaid Marine is a services provider to the offshore oil and gas industry. This stock (ASX: MRM) has been bouncing back continuously since it posted a low at $0.65 in last November (point A on the chart). It actually peaked last Monday at $2.45 (point B), and has corrected to $2.25 yesterday at the closing price.
The bullish trend between points A and B has driven the stock 277% higher in 8 months and a half. Oppositely to many materials, industrials or energy-related stocks that also sharply rebounded during the last months, MRM has climbed much higher than its previous highs of 2008.
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We were paying much attention to the level of the area between 4,000 and 4,100 points on the ASX 200. It was expected to be potentially a resistance zone. But the resistance has been cleared and as a result the index has been taking advantage of its current momentum to continue its rise.
The resistance line, remember, comes from the historical high of early November 2007 (point A on the chart). Two significant lower highs (points B and C) were posted on this line, confirming the bearish trend that had been initiated in late 2007.
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| All Ordinaries | 4825.50 | ||
| S&p/asx 200 | 4814.20 | ||
| Nzx 50 Gross Inde | 3223.45 | ||
| DJIA | 10559.92 | ||
| NASDAQ | 2355.94 | ||
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| Ftse 100 | 5617.26 |
