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Further to my recent posts here and here, the EUR/USD Forex pair has reached a potential (double Fibonacci) support level between 1.1205 and 1.13, as shown on the following Weekly chart. A possible bounce is in store for the Euro.
Level 3 Communications, Inc. (LVLT) is approaching lateral resistance in its two-month rectangle pattern, in which the stock has been consolidating after a 25% gain in November. If it breaks out above the $50 resistance, we could see a continuation of a trend toward $51-52 short-term. Initial stop loss is at the 20 SMA at $48.40.
Instead of pretending that Abercrombie & Fitch is the only clothier I think is shortable, I’ll add Guess (which, as a child of the 80s, I have intertwined in my brain with Claudia Schiffer). Anyway, here be the chart, creaking at support…….
I posted a couple of charts on twitter last night showing the very interesting setup here on ES and SPX. The setup on SPX is the falling wedge that I’ve been showing in recent days and the double bottom with a target at 2054. I mention on the chart that the target area would be a 61.8% retracement of the falling wedge and that might be the top of the rally there, if indeed this is just a rally. SPX 60min chart (posted last night on twitter):
The E-mini S&P500 (ESH15) is rising at the moment of writing this post (overnight): it has already reached levels that could start to be good for a DAILY SHORT trade (short term). The next shortable level would be 2047.75, if you scroll down after the chart you will hear more about our logic. (more…)