All Quiet On The Western Front
It’s pretty been pretty slow today and one can’t help but wonder if it’s the proverbial quiet before the storm. Interestingly we seem to be a bit ambiguous across the board with equities apparently attempting to gather enough mojo to punch through that volume vacuum looming above:
As you can see the spoos are still pinned below that little diagonal which it keeps bumping into. There were attempts to drop lower but buyers keep showing up. I think as of now we are still bullish but if we close below that diagonal today then odds start shifting over the bears. I suggest you watch that 100-hour SMA – it’s rising and thus if the bears want a shot at this it’ll have to be overcome first. Don’t count out the bulls just yet – things are literally hanging in the balance here. Not a bad spot to get positioned as soon as the tape gives us a sign.
Dow futures are painting an inside day – very interesting given the previous candle spaghetti. If you look at the action of the past few weeks it’s clear that things have hit a snag. The bulls have to get going now or gravity will take over. Those Fed sponsored buying spikes can only bail you out this often.
Gold still sitting on that daily NLSL – watch that one!
The Dollar painting an inside day – small range – just the way we like it.
And not to be left out – EUR/USD – also donning a very juicy inside day. If you are uncertain about the rules then please check our cheat sheet.
And yet another inside day on copper – I very much like the context here. Could go either way but I would prefer a little short squeeze at this point.
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