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Market Update 8/11 – How Big of a USD Pullback?
Right on cue! USDOLLAR reversed lower from parallel resistance (again) today. I’m not sure how important the high is but short term focus is lower for now. The first level to pay attention to will be 11900.
Market Update 1/31 – Opposing Monthly and Weekly Reversals
January produced some monthly reversals of note. SPY made a 1 bar monthly volume reversal. Notice that reversals also occurred in June/July 2007 (high) and October 2002 (low). There were failed signals however in 1997. Obviously, monthly signals may not be all that timely. These are ‘big picture’ observations. It’s important to understand in light of weekly bullish reversals in indices last week! These charts are shown below the monthly charts in this post.
Market Update – May 22
Nasdaq futures and QQQ (weekly QQQ is below) covered their closes from 2/21 on Wednesday and closed beneath those levels today. Mistrust of strength has been misguided but the gap fill and down day today at least presents a bearish risk point (Wednesday’s high).
Market Update 7/12 – USD Correcting Lower
EURUSD held VWAP from the 2020 low (again) so near term focus is higher towards the center line of the channel from the January high, which is about 1.1935. Importantly, notice that the 75 line provided support therefore the 25 line is proposed resistance if reached (as per median line symmetry). The 25 line intersects the 61.8% retrace of the decline from the May high at 1.2081. Watch for support near 1.1825.
Sterling Traders Brace for Volatile Month Ahead
The British Pound weakened against its major rivals on Wednesday amid reports that Brexit talks are stalling and as the specter of a ‘no-deal’ Brexit reared its head again.
Market Update 10/21 – How Big a USD Bounce?
USDOLLAR turned up from corrective channel support. Again, my ‘view’ is that the buck has rolled over so I’ll be paying close attention to sentiment in the coming days. For example, strong USD forecasts would suggests that it’s time to short the USD. Price wise, pay attention to 12020s and 12060s for resistance.