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Elliott Wave International pointed out something interesting tonight — just about every important index under the sun is at the cusp of support at some important round number. It's pretty uncanny………
At least it will make it easy to get a feel for whether we finally "break" or not.
Take note of the charts below; notice how the USD/CAD seems positioned to pop higher (that is, a stronger dollar) while the EUR/USD is very vulnerable to a fall at that fan line.
I don't think the market can push higher without a move higher by the energies (everyone is focused on the financials, but as we all know, all the banks in the Dow 30 could go to $0.00 without much of an effect anymore); and I don't think the energies are in a position to move higher with the dollar being so strong.
My point is that I think the FX market supports the notion of continued weakness in equities for the short-term.
In late 1992, when Bank of America's stock price was the same as it is today……….
In the spring of 1968, when Citi's stock price was the same as it is today……….
Just for old times' sake……….
