Short Term Chart Roll Call
I know – this tape feels boring but we are consolidating at the 1340 mark and that is not bearish. However, I also see issues with the long side. Continuing my new theme here’s a quick short term chart update before the close.
Two charts are of particular interest today – one on the FX and one on the equities side.
Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
EUR/USD: Chances are we are going to close above the NLBL today, which means we either to go 1.44 or perhaps even 1.48.
We are still ways away from closing above the NLBL on the spoos. But there is another consideration – even if we do there is a lot of resistance looming above and I don’t think it’s going to be easy pickings.
Remember this chart? There is simply too little volume around the recent highs to support a strong move to the upside. Again, I won’t discard the possibility altogether – after all the Bernanke put is looming ubiquitously. But I simply can’t get excited about taking on major positions on the equities side right now – the odds are not on our side, so outside my scalp/swing trades I’m laying low.