The dollar continues it's march higher and is currently resting at resistance. It is however now the fourth time the dollar index tested the most immediate resistance area and as such the chances of a break higher are increasing.
it's almost uncanny, check out this inverse correlation of the dollar index bs the s&p 500 on a 10 day 60 minute chart:
after putting in higher low in the early part of June the dollar index rallied well above the 50 sma yesterday. A break out of this wedge here could lead us significantly higher.
This here is the martini-hour thoughts newsletter summary sent to premium members. I am posting it today on the public blog here as a sample, but without the charts. Enjoy! Wednesday, April 27 Just as we wrote in the morning line-up letter, the morning ended up fairly boring in terms of pure […]
From the more 'recent' highs in the dollar index back in June of last year, down to the following lows in December of last year, the dollar rallied back 50% and in January of this year found resistance…which also coincided with the 200 day moving average. Given the technical pattern we predicted a downside price […]
Last Friday's non-farm payroll numbers came in much better than anticipated by the street crowd. +244,000 was the big number, led by private sector hiring. 9% unemployment. So now the question front and center in my cranium is whether this number will be looked at as equity positive or negative. Friday's risk reaction was more […]
Here's the dollar index futures contract intraday today. Volatile enough for ya? To me this just speaks to the massive uncertainty currently.