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Tuesday, November 23, 2010

Tuesday Updates!!!

9:52, Updated Dollar chart showing the clean break of the channel line this morning, the HOD is currently at $79.725.

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The SPX is now sitting on Fib fan support, this is a great spot to expect a bounce, if support does not hold, next support is down around the 1155 level, a number that keeps showing up on different charts.
Dollar update, new HOD at $79.66, it is on fire today!!!
The 20 day MA held yesterday as resistance, now the 50 day MA is in play, and is currently running at 1173.35, breaking below this support also opens the door for the SPX to make a lower low at 1173.
Breaking news:
The Dollar has made a higher high, now $79.585
BKX has made a lower low at $44.64
The Euro has made a lower low, now at $134.03
And breadth is running at 4.96:1, decliners, strong, but not extreme.
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7:26, As the Dollar is gaining strength today, the major indexes are taking a beating, the short-term squiggles are now suggesting lower lows, it is possible that we have already wrapped up the "B" wave (blue) and might move down towards 1156 for the "C" wave in a simple zig-zag, instead of the running flat option. Still on the radar is a much larger sell-off, especially now that the Dollar has broke out, BTW, the Dollar is now only one cent from making a higher high, currently at $79.57, the strange part is that Gold is also running higher, up $17.50 on the day.
The Dollar has broke above the channel line, and so far has $79.445 as the HOD, a bonus would be the Dollar closing outside of the channel.
BKX is very close to making a lower low this morning, breaking below 44.66 would be very bearish and opens the door for BKX to make a new yearly low.
BKX, the canary in the coal mine has solidly broke below the last long-term bullish Fib fan and has moved into the middle section of the bearish fan.
5:27, It is still early on the west coast, and something is brewing besides the coffee, the Dollar is testing channel line resistance right now, this could be big, and an important event today if the Dollar does break above the channel line. This opens the door for the Dollar breaking above $79.58 and eventually challenging the next previous high of $83.63.

1 comment:

  1. i agree with you on what we're seeing now and i think the only reason gold is higher is because of the north korean action. if the USD continues up, this recent gold spike up will turn quickly into a rout, imo.