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Market Update 6/21 – Tracking USD Support Slightly Lower
GBPUSD turned up prior to the proposed 1.3740 but 1.4000 remains in line for resistance. Besides being ‘clean’ horizontal resistance, the level is also defined by the 25 line of the Schiff fork from the March 2020 low. This line was support in December and April…so watch for support to turn into resistance.
Scandex Technical Weekly: 11/1/2020
Another month is in the books and SPX continues to trade ‘heavily’ under the its ‘meridian line’. An inside month formed in October. Recall that September was an outside bearish month (see the close up view below). Of note is XHB (homebuilders), which made a monthly volume reversal in October (see below). Is this one of the last segments of the market to put in a top?
Market Update 1/25 – AUDJPY Setup in FOMC
Keep an eye on AUDJPY. Monday’s low tagged the center line of the channel from the October high. The 25 line cuts through former lows and is in line with the well-defined 82.10…watch that for resistance. A break lower would target 78.84 and 76.80s, which is 2 legs down from the October high and the lower parallel of the channel. If price breaks below the center line then the underside of that line becomes resistance. Bottom line, there are solid reference points that should help return to the short side.
Market Update: 1/4/2021 – The Most Important Update of the Year?
Today’s USDOLLAR low…11635. Price reversed sharply higher after low print. UUP, the USD ETF, made a high volume reversal today. The only other volume reversal on the first day of the year was in 2017, which was a high. This is only the 4th bullish reversal since inception of the ETF. The previous 3 worked. Those charts are below.
Market Update – August 25
3 lower highs and 2 lower lows since the EURUSD high. I like that strength has failed near VWAP from the high twice and that today’s high is near the high volume level (circled) from 8/19. 1.1880 is still resistance if reached and the big test for the bulls remains the lower parallel, currently near 1.1675 (see below).
Market Update 3/22 – Elliott Still Nailing USDTRY Moves!
USDTRY swings remains TEXTBOOK. The massive gap higher after the weekend is wave C of the noted A-B-C advance from the February low. In fact, the high is at the 78.6% retrace of the decline from the November high. Recall that when the leading diagonal was first identified after the February low, I noted that corrections after leading diagonals tend to retrace 78.6% of the diagonal. Voila! I am bearish again and resistance is 7.9990-8.0595. Don’t forget that USDTRY remains below long term resistance