http://www.youtube.com/watch?v=SjclxCa05Jk
I produced this video a little late and since then the S&P 500 has broken above 1131 (the fourth time was the charm!). I'll stick with my breakout target at 1150 to cap gains temporarily. The next important cycle is at month's end. Meanwhile, the DXY broke down further after the FOMC and is nearing the important 80 region. Look for this key pivot to temporarily support. I am looking for a pullback to BUY the S&P 500 and SELL the DXY. Also, I am looking for a deep retracement, possibly 61.8 to 78.6% of the intervention spike to BUY into the USD/JPY. I'll continue to update my trade recomendations once I see technical evidence emerge.
About Me
- FXTRENDS 2011
- Peter Ruud is an experienced technical analyst with a diverse analytical skill set. He earned the Chartered Market Technician designation (CMT) and is a member of the Market Technicians Association. He has been trading the global markets for over 10 years. His analysis is often featured in Seeking Alpha, Safehaven and thestreet.com.
