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Well, thanks for Mario’s negative-er interest rates, the Euro is in a free fall. I’m pleased to see this, because I’ve been harping endlessly on shorting the Euro over in Slope Plus-land. My initial “heads up” about this trade was on July 16th, when I showed the break in this trendline:
Yesterday was surprisingly weak, and there is very definitely a setup for bears to follow that through today, though with ES back up testing 2006 overnight so far that may well not deliver.
On the daily chart there was a bearish engulfing candlestick, though not a classical one as the previous day closed down rather than up. SPX is very close to triggering a daily RSI 5 / NYMO sell signal and another day of weakness would most likely deliver that. Only three charts today as I’ve been putting together the stats for those signals since the start of 2007 and should have those ready for tomorrow’s post. SPX daily chart: