Wednesday, December 28, 2011

We're getting close

The U.S. Dollar Index Daily Chart
Today's break of the declining trendline is encouragingly bullish. Notice that the hanging man candlesticks have marked the lead in each short-term reversal.

Dollar's Resistance Zone
The next level of resistance comes in at 81.40.

One more look at the dollar
Notice the follow through when prices break the declining trendline. Today marks the first session.

Make or break for the S&P
These are the two scenarios left of the market. A continuation of the dollar's upward movement would not bode well for stocks, but nevertheless, we must respect both possibilities in play for now.

1 comment:

  1. Thanks Darah.
    This morning the dollar is up and so are equities. Something must give, yes?