Well selling Euros a couple days ago was again a good idea, and it looks like a breakout could be imminent. So far, we haven't managed a close under the first two key levels for the Euro at the trendline connecting the lows from January and May and the 100 day simple moving average. Today we're once again threatening to.
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| EUR/USD Daily |
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| EUR/USD Hourly |
The Dollar Index is also threatening to close above a key trendline, extending all the way back to last Summer when Greece was bailed out last time and the Fed followed it up by trashing the dollar with QE2.
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| Dollar Index Daily |
Stocks are at critical support levels. The S&P has bounced twice off the 200 day SMA, and it looks to test it again at 1263. There is also a key channel for the whole rally since March 2009 just below it. Personally I want to see it go up; there could be the opportunity of a long time when a weak ISM report comes out next
Friday (You know what that means, weekly options traders!). I don't want the market to be oversold already when that comes.
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| S&P 500 Index Daily |
