You Can Run But You Can’t Hide!
The greenback has been limping all over the place as of late but the good news is that it has managed to cling to its 100-day SMA despite equities switched into overdrive. While everyone is usually talking about yesterday’s news I usually keep my eye on the inconspicuous ones. The ones who drive everyone nuts for a while until the bus is empty.
As you can see it’s been failing its 100-day SMA for weeks now, but at the same time it’s also been working on support which I emphasized via a green diagonal. Thrown into the mix is the 25-day SMA which is going to meet the 100-day in a matter of days. The only assembly is now forming a wedge pattern which price appears to respect. Which leads me to conclude that we’re going to see a technical breach here shortly – one way or the other. As the saying goes – you can run but you can’t hide!
Before we get to the setups a quick side note: I wonder if I’m the only who thinks it’s cute to see the spoos kiss the 1500 mark today while volatility jumped noticeably. Someone may be getting a bit nervous up here but before we jump to conclusions let’s see if it holds up until tomorrow.
Natgas gave us a great entry earlier this morning – if you are a sub then I hope you caught this one as I put this one on the menu last Friday. What’s even more interesting is the LT context here – we just may be sitting on a juicy LT trade – observe:
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This entry was posted on Monday, January 28th, 2013 at 2:21 pm. Both comments and pings are currently closed.