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Please note I’ll be at TastyTrade (and, as such, in Chicago) from Thursday to Sunday, so……
Thanks; I’m looking forward to this trip…….
USD hit major price and double-Fibonacci resistance at 93.00, as shown on the following Weekly chart. A break and hold above that level could prove “interesting” for other world currencies (Euro, Canadian $, Swiss Franc, Japanese Yen, etc.)…(at the time of writing this post, the Canadian $ is -1.83 at 80.77).
Volatility in currencies has certainly been the norm, of late.
The triple-bearish-on-gold-miners ETF, symbol DUST, has a rather interesting property of bouncing hard off the trendline I’ve shown below. If this is true, it would suggest miners are in for some weakness ahead. Don’t get me wrong – – I’m a precious metals booster! – – but I wanted to at least point out this interesting phenomenon.
Yesterday closed green but was nonetheless a significant technical fail for the bulls, as there was a very strong bottoming setup that needed the opening gap to hold, and it was filled within minutes with a strong rejection from the opening highs. Most of the subsequent dump was then retraced but it remains to be seen whether the bulls can recover back to that opening high at 2029.
If SPX can recover that far then the important resistance levels today are that high at 2029, falling wedge resistance at 2037, and main resistance is at the meeting of broken rising wedge support, the 50 DMA, and the daily middle band all in the 2045 area. SPX daily chart:
