/DX
The dollar dipped and then made a nice rally... this dollar rally should last into next week, and take out the previous high of 81.43, thereby breaking out of the range it is in now. Closing Feb well above 81 would signal a longer term rally in the USD.
/CL
Crude’s rally wasn’t spectacular last night and not breaking above 80, it should be falling further down over the next few days-weeks.
/GC
Gold made several attempts to rally last night but eventually registered a gap down day, breaking down of the hourly range support. Today should close down and confirm its downtrend to somewhere near 1050 or slightly below. The indicators signal a downward bias for now.
/YI
A similar story for silver, down wave is starting…
/ES
The Emini futures look set for a down day albeit a smaller move down. An interesting thing that singaporeseeds highlighted to me last night was that there was a widening wedge… and it broke down of the wedge today in the afternoon, tested the wedge support but failed and should be heading down.
SPX
After a dead cat bounce, and registering a bullish harami at the top of an uptrend, I wonder if this double whammy actually tells more of a move down. However the indicators are mixed and looks like a milde down or mulling around the 50MA.
That’s a quick wrap from me…
The Trendspotting MadScientist
Note: Any material posted here is my sole opinion, and the 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 and discussion purposes only.
Thursday, February 25, 2010
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