Bought some dollars this morning after we hit the trendline connecting the "twos." Seems to be holding up real well, but I'm still nervous about it. I have a feeling we should have seen a more material correction before the market was ready to continue moving up.
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| Dollar Index Hourly |
Here's the other scenario, calling for more upside on the Euro. Though I'm already long the Dollar, I would actually prefer to see this because I would have more confidence in a trade based on this setup. All I can really do though is go with it and put a stop above the high labeled "a" of II.
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| EUR/USD Hourly |
Stocks look like crap. The Russell has fallen off after breaking through the trendline I talked about this morning.
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| Russell 2000 Daily |
The S&P is also breaking an important trendline connecting the interim lows since March. Unlike the Russell, there is a supportive and more important trendline underneath us and we haven't seen a divergent high yet.
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| S&P 500 Daily |
