Today or Tuesday we will likely see the bullish resolve of the market severely tested.
The 200 day MA is on 5 points away and has been tested twice last week intra-day.
A chart for reflection:
A blast through the 200 day MA could stop at the bottom of the Keltner channel which is about 1256.
Movement in copper, the US dollar, and oil seem to confirm the trend.
We will have to wait and see.
An old school point and figure chart is interesting in these circumstances:
Note that this method of charting has a bearish target of 1140!
The 200 day MA is on 5 points away and has been tested twice last week intra-day.
A chart for reflection:
A blast through the 200 day MA could stop at the bottom of the Keltner channel which is about 1256.
Movement in copper, the US dollar, and oil seem to confirm the trend.
We will have to wait and see.
An old school point and figure chart is interesting in these circumstances:
Note that this method of charting has a bearish target of 1140!
Fed May Buy $300 Billion in Treasuries After QE2
ReplyDeletehttp://finance.yahoo.com/news/Fed-May-Buy-300-Billion-in-bloomberg-1457319130.html?x=0&sec=topStories&pos=1&asset=&ccode=
Yup our Financial system has gone full on nutty PW.