CLICK ON CHART TO ENLARGE
Over the past 15 months, when the Australian $/U.S. Dollar ratio has been at a high and broken below a rising wedge the 500 index has seen downside pressure.
On this Friday morning Joe Friday shares…..the AUD$/US$ has broken support of a rising wedge while reaching old highs again.
Good observation! The intra day high of last year was 1,370.50 on 5/2/2011 (which was the day the news of Bin Laden broke) and a half hour before the close today the 500 index is trading at 1,371. 50, on the afternoon the first Greece default was announced.
SPY is busting thru its high for the year
I see an underside kiss goodbye for risk assets and march going out like a lion.