Tuesday, August 23, 2011

Likely failure today - Market Opinion 23 August 2011

At this point of writing, the European markets rallied due to economic data being slightly better than expected. However, the European and German sentiment index muted the rally as it was actually much worse than expected.

The ES futures rallied in unison but are failing the FiboEMAs right now. The rally did not manage to make a higher high, and are failing the FiboEMAs. The MACD is topping out as well and it looks like a mild down day again.

New Home Sales and Richmond Manufacturing Index data are out at 1000hrs ET today.

The MadScientist - 23 August 2011

Note: Any material posted here is of my sole opinion, and my opinion may differ from others. It is definitely NOT a solicitation to do anything else as a consequence of reading this material. The material presented here is intended for educational purposes only.

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