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Positive Momentum remains at hand in the broad market. Investors have to keep in mind that if momentum can “Pull itself up” and beyond this resistance at (1), it could quickly move much higher...Follow a breakout should it take place.
The Euro,has backed off the 132 level on FXE, Testing a 17 month old Head & Shoulders Neckline, accordingly the ADX line below 20 would indicate the Euro is Cycling with oscillators coming off Overbought
The S&P and Euro and Dollar are together in a Helix dancing to a higher order
The Euro Price Bounce in January allowed the January Jailbreak in Equities to arise
Euro – Break or Reverse, the positive correlated Intermarket relationship will effect Equities accordingly
Also is that not a Wedge at 1 on the S&P chart
Chris, in case of a breakout do you see the SP shooting straight to 1550 ? Isn’t there a sizeable obstacle around the 1420 area?