Bought DX at 76.79 on a buy stop 18 cents beyond the key hourly M/A. DX is on it's 5th wave up. I'm not sure if it is complete but this marks a true turning point.
Dollar breakout here coincides with a reversal of late Friday strength in stock market and commodities. SP futures are down 4 points and have come down to support. A decline below 1216.50 will be a sell signal.
Hi Steve, Still think the market has some upside. The small caps have not made yearly highs yet. Are you looking at the Ascending Triangle Target for the S&P (which is at 1232) as a possible short target?
If SP and NQ futures hold support then there should be 1 more rally to finish it off. Dollar has decoupled from stocks. My only trade here is the dollar until I see the top or a breakdown.
Hi Steve,
ReplyDeleteStill think the market has some upside. The small caps have not made yearly highs yet.
Are you looking at the Ascending Triangle Target for the S&P (which is at 1232) as a possible short target?
If SP and NQ futures hold support then there should be 1 more rally to finish it off. Dollar has decoupled from stocks. My only trade here is the dollar until I see the top or a breakdown.
ReplyDelete