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Monday 27th July is rated as ‘D’
Indicates this week is going to make a ‘h’ of sorts.
I think the ‘h’ has printed this week and we now see how low we can go into next week.
The dipsters could buy it but the balloon needs to let some hot air out.
Never give up, never surrender.
DXY: the Dollar trade weighted index continues to look very weak and has now broken below the pre-virus low.
There’s a ‘dead cross’ on the chart.
It looks horrible. However there’s support at 94 and the RSI is approaching oversold. There’s also divergence in the MACD.
So perhaps a bounce or consolidation will develop soon, perhaps a retest of 96. No guarantee of that of course.
If it breaks 94 the next targets are at 93, 91 and then the low at 88.
It has already fallen 8% since the virus panic peak.
DOW: the Dow is likely still in the potential rising wedge shape until proven otherwise.
At the moment it seems to be trying to consolidate above the 200 MA.
The 21 and 50 are strong and rising and have offered support on several occasions.
There’s a valid trendline that has been touched four times. That currently stands at around 26,250/300.
A lot may hinge of the US $1 – $3 trillion package which is
likely to be agreed before 7th August summer shutdown.We could see a final up in US stocks and a down for the $
Reverse is true for US stock vs $ … if no deal or just the $1 trill
Never give up, never surrender.
Project Bull/Bear rates the week ahead as ‘DCCDD’
That’s almost as bearish as last week was bullish.
Well it will give me a chance to evaluate !
Markets can buck the trend but for next week
rallies are very likely to be fake.Never give up, never surrender.
DOW: The Dow appears to be consolidating sideways above the 200MA.
The 21 and 50 MAs are strong and rising underneath.
Until and unless something else happens, I’m still assuming the Dow wants to try for the C=A via a rising wedge as shown…
DXY: the Dollar trade weighted index looks very negative.
However, this might be a positive for US equity markets…
DXY: the dollar continues to plummet. Looks like it might want a large ABC down to the 91 support area…
NYSE: the NYA has spent the last five days or so consolidating sideways on the 200 MA.
Interesting.
There’s no particular evidence that the 200 MA is a reliable indicator for the NYA – sometimes it works, sometimes it doesn’t.
The 21 and 50 are much more reliable. Both of them are strong and rising underneath the current price action – playing catchup.
I’m still assuming the NYA wants a rising wedge as shown. It’s the only logical option I can see at the moment, unless of course something else happens.
I expect the normal 3 way reaction to the Fed news.
Odds are US stocks will drop into next week, even
if they rally at FMOC.Never give up, never surrender.
So far the FMOC reaction has been … well not much
and no different to any hour of this week.I expect a mini trend will emerge over the next day.
Never give up, never surrender.
All playing out as expected post FMOC
Shorts keep moving those stops as nothing is a given.
Never give up, never surrender.
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