Short Term Chart Roll Call
That was a nice fake out move on the spoos just now – if you are a Zero sub I am fairly certain you avoided that gaping trap.
Before we close for the day I have a few charts you may want to see – time for a short term chart roll call.
[amprotect=nonmember] 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.
Copper is playing with its NLSL at 4.0325 – if it closes below that mark it could have bearish implications on the equities side as well (despite that little rope a dope on the spoos we just saw). In that context you may want to read my weekend update from last night in case you haven’t already done so.
On the FX side the EUR/USD is retesting its NLSL which may be a great opportunity to get positioned to the short side as long as there is no close above 1.4451. If we stay below that level we may drop into 1.4137. Please be advised that this is a 50/50 odds trade – meaning please have no directional bias here. It’s quite possible that the 25-day SMA was the target and that we are pushing higher from here. So be disciplined and be out of that trade as soon as it appears we are closing above 1.4451. The odds on a long trade are mixed and I personally would not take it unless there’s some delicious candle setup a la Convict ‘Lover Boy’ Scott.