Charts I’m Watching: August 27, 2012

I’ve been charting various indices all day — XLF in particular.  I’ll post those charts this afternoon.  In the meantime, SPX is trading in a little channel which hit the upper bound this morning at 1416 and has potential to about 1408-9 on the downside.

We’re still long from 1409 on Friday with a stop at 1407.  But, I think we’ll bounce around in this channel for the next several days.

The short-term harmonic picture shows a potential Gartley to 1420.55.

DX bounced back to the channel midline as we discussed last week, back testing an important channel line, too.

And, EURUSD back tested the lower bound of its channel, only to reverse off it and come to rest on a trend line of support.  The RSI did pretty much the same.  Charts coming in the next hour.

Update on the AUDUSD — also reaching an important level of support on daily RSI.

More later.


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