CLICK ON CHART TO ENLARGE
If the Dollar succeeds at testing support… should support hold at (2), risk assets could be in real trouble! Hang onto your hats and keep a close eye on this key Dollar test.
If the Dollar does hold on support, the giant bearish wick/single day pattern in the Russell a couple of days ago, will really become VERY IMPORTANT! (see bearish wick post here)
Well of course today’s close will be one heck of an important weekly and monthly close… At this time I believe one can have some bias towards the market, AS LONG AS your stop-losses protect you from being too biased!!!
Sounds simple, because it is…
Luke…quick draw McGraw post is key to the action of late….nothing proven in either direction. Weekly charts become very important now, to get past the noise.
Chris
At this point, it’s just a matter of how many bullish wicks it’ll take on the dollar chart to break the stock market bull’s back…
Very nice late-hour rescue today on stocks… Changes the WHOLE picture, no doubt about that…