Influences on USD include trade flows, including tourism, Financial flows, and pure trading flows. I’ve often wondered which is dominant.
Normally this time of year Americans are selling dollars and buying euros heavily because of travel. More Ame…
UPDATE 10 AM ET
Whiplash! The early selling was a shakeout.
The signs of hope that a few analysts have noted in recent days are based on questionable data.
Update 10:40 AM ET
Edging closer to failed buy signals here. Could signal a crash if they break 3189.
2:45 PM ET I’d call a low here but indicators are crashing. Here’s what should happen.
I was so stunned by what I saw yesterday that I wanted to break it to everyone right now.
The withholding tax data for July through July 20, showed a 5% year to year GAIN!
Stocks pulled back this morning in the pre market, reaching trend support and a 2-3 day cycle projection of 3228.
Hourly indicators are still bearish, but have reached the levels of their last minor lows.
An obvious place for them to buy the dip again.
Yesterday was a clear breakout. This morning we have follow through. The 5 day cycle projection has risent from 3255 to 3285. Channel resistance on the daily chart, 3270. And if that’s cleared 3325. If 3265 holds, then we pull back to 3230 and wait.
The ES was weak overnight. Fool me once etc. Don’t even start to think about the downside unless they take out ES 3185.
Yes, it looks bullish again. Although last night toward the close in New York when it looked like it would launch it stalled, and it’s still in that same range. So the fuel doesn’t seem to be there for follow through. Let’s see what happens this morning. A failure to get through 3212 on the ES would give the bears the ball.
For now, the indicators say a move up is likely with targets of 3220-3230. Not a big deal.
