Monday, August 6, 2012

S&P Looking Heavy here


S&P 500 Daily Chart. We just got a daily doji candle as we close right against that trendline resistance today. Notice also the divergence on CCI with price action along with ACC/DIST failing to make new high's. Looking for a pullback into the 1365 area from here.

EUR/USD Weekly Chart Update


Update here to our Weekly Euro Chart I posted 2 weeks ago. We saw that bounce I was looking for from the 1.2060 low's where ACC/DIST showed us we were upon some Major support level. That week we closed with a  bullish engulfing candle and we're in our 2nd week of follow through from that bounce. Here we're seeing some minor resistance on moves higher in the 1.2440 area which is a LVN (Low Volume Node) so expect that level to hold for perhaps this week. Longer term I'm still looking for a move higher into our final 1.2850 LVN Target. Retracements this week could test 1.2130-1.2250 support areas.