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NFTRH has been bullish the USD and bearish the Euro, Canada dollar and Aussie dollar for quite some time now, most often using this simple weekly chart of various currencies. Months ago we noted USD creeping out of its downtrend (green dotted line) and the Euro falling out of its wedge (red dotted line). Back then, sentiment toward the USD was far different than it is today. So this week the Currency segment included some thoughts (and data) on USD and Euro sentiment as well.
Also of note, while the excerpt speculates that a USD reversal could trigger bounces in commodities and precious metals, these items generally remain bearish until proven otherwise. Not the other way around.(more…)
I have zero interest in sports, and even less in rich owners of sports franchises. However, I’m a freak, so my fellow Americans have been all up in arms about the latest rich guy wanting to sell his team (at the top of the market, I imagine) as compensation for his earlier politically incorrect sins.
I looked at his email, and in spite of my aforementioned disinterest, I must agree the email is appalling and embarrassing. Shame on Mr. Levenson! Specifically………..
I could go on, since the email is pages long, but you get the idea. I think the nation’s outrage is absolutely spot-on.
Poor old gold broke its symmetric triangle on September 2nd (and peaked this year way back on March 17th), and it’s been in sorry shape ever since. The break of this triangle doesn’t look good for precious metals bulls.
I’m not acquainted with Japanese Prime Minister Abe, but it’s apparent that the man’s wizard-like skills turning his national currency into toilet paper are unparalleled. The US dollar has finally achieved escape velocity versus the yen…….
The Powers That Be really need to do a better job masking what they’re up to, because recent market action has gone full retard. The “fade whatever happens early in the day” schtick is getting old, and the /ES over the past week looks like the kind of attempt at a chart that a kindergarten student would attempt. C’mon, Powers! We know you can be more subtle!
I called the intraday turns on Friday very well, but was struggling to believe what I was seeing. The double top target at 1985 wasn’t made, with a failure at 1990 and a push up to close back at 2007. If we are to make a new high now from that low then that would be unprecedented among the eleven RSI 5 / NYMO daily sell signals going back to the start of 2012.
Looking back further however then there is one precedent for that among the twenty four signals going back to the start of 2007, and it’s not encouraging. That signal didn’t fail, by which I mean it didn’t go as high as the highest RSI 5 peak generating the sell signal, but SPX ran up almost another 4% before making the 2010 spring high. In this case the previous RSI 5 high is lower, but if that held again here SPX might still make it to the daily and weekly upper bands, both currently in the 2030 area, and possibly a bit higher. (more…)