***I’m at the Money Show in Las Vegas so please excuse the shorter than usual text in today’s update. I also turned 40 today. Yikes!***
Today was a classic ‘sell the news’ day with the news being Russia attacking Ukraine. A more accurate term is ‘fade the news’. SPY carved a high volume reversal. We saw one of these at the 1/24 low. Prior to that, you’ve got to go back to 2018.
Today’s emotional trade probably puts the cap on gold for a bit. I’m thinking 1854 or so for support. Once/if that is reached, I’ll reassess. Watch for 1920/30 resistance.
Nowhere is the ‘sell the news’ axiom for appropriate than in crude oil. Price tagged the psychological 100 along with the line that connects tops since last March. TOP.
DXY finally tagged the 61.8% retrace of the decline from March 2020. This is also the underside of the trendline from 2011. I ‘lean’ towards the downside.
EURUSD tested the top side of the trendline from 2014 and weekly reversal support again today. Keeping in line with the ‘sell the news’ logic, a low of sorts today makes sense. 1.1155 is proposed support.
The pitchfork in AUDUSD from the December low is a thing of beauty. The median line was resistance on the way up so watch for support from the lower parallel, which intersects the 2/4 low at .7052.