Weekly EUR/USD Chart finds Major Support

Pardon the cartoon like drawing, just wanted to show this weekly EUR/USD Chart. We see the approach of a MAJOR support level here from our market breadth indicator ACC/DIST. Pretty self explantory. I'm looking for moves higher into the next LVN around 1.2860 and 1.3200 POC. Also note that looking at most longer term quantative models we've seen most models showing a Fair Value around 1.2900-1.3000.

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Dollar Index Looking a bit Heavy up here

We've a had a huge surge in Dollar Index over the last 2 days due to heavy EUR/USD selling and we see it pushing up against a major trendline resistance going back to early Jan, our first clue of possible selling area. Next we look at our ACC/DIST (market breadth indicator) and we see that it has failed to make new high's despite price posting yearly high's here. Based on this, I would be bearish on Dollar here and look for selling it into this 84.20-84.30 area. The only resistance I see above this is a LVN on a weekly chart's volume profile which stands at 85.20 (Only 1 point higher). For the downside I'd be looking at around 82.00-81.00 as targets for such a trade.

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S&P 500 Chart Update

Time to take a look at our Daily S&P chart. Firstly we should note that we've been in a very choppy and range-bound market for the last couple of months for the S&P(unlike other risk assets), in which case we should be focused on identifying major support/resistance levels and using oscillating indicators for clues for levels to trade.  So I wanted to point out looking at the volume profile on a daily chart, we see 3 majors levels we should be looking at, and they are all low volume nodes on the profile. They stand at 1380, 1335, and 1290. Now if you notice that between 1335 and 1380 is what I consider no-man's land. This is where I would consider the trend to be neutral and using indicators like RSI, Stochastics, CCI's would be useful for range bound trading. Now since most people, including myself, have concerns of downside risk, we are always looking for breaks of any Support levels and in this case I would be looking for a break below 1335 and if we do, I'm expecting a move down to the 1290 level immediately which is our next level of support.

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Submit your Charts you want me to Analyze for $5

I've had many requests from people asking if I can look at this chart or that chart and asking for my opinion. So I'm gonna try something new here. Hopefully your already familiar with Fiverr, the website where you can do things for $5. So I don't think I'm being unreasonable or greedy here, but $5 gets you chart analysis on any 5 stocks/currency/commodity, feel free to mix and match. I have no idea where this will go and how it'll work out, but hey, I'm giving it a shot. CLICK HERE FOR MY FIVERR

Looking at a GBP/JPY Short Setup

Very simple GBP/JPY Short setup here. Watched this break multiple trendlines over the past couple of weeks, and now I'd just look for a break below that 123.00 support to take some shorts here. I would be looking for 119.00 to the downside with stops right above 124.50. Giving us a risk reward of about 3:1.

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Leg lower on S&P

Looking at a Daily S&P Chart, we see a completed C wave and looking for a leg lower here. We missed the 1377 LVN by just 2 points and our ACC/DIST indicator shows a rejection from that resistance that was prior support. I'm looking for a move into that lower LVN in the 1292 area.