Looks like the "party" induced by the dollar's recent pullback may be close to over, with some elements dancing close to the door or perhaps done already as the euro, oil, gold, etc. are weak and the futures are down. Even today's map from ChartsEdge - thanks again, Mike! - makes one wonder if it's just a small 4th wave pullback or could be worse. The choppiness can be a sign of the turn being very near, won't be confirmed until there's loss of key support. But we're still above SPX 1140 which is very important now (cash index level). And so far, the pullback amount looks still acceptable, though today's map can't be encouraging for the bullish case short-term. So it's a matter of positions and swings glad you've been readying for a turn, and short-term traders just keep on being careful out there, and see whether or not this run can still make it to/above 1160+. So as always, happy market navigating!
So here's today's map from http://www.chartsedge.com/wp/:
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ChartsEdge BP chart
Posted: January 20th, 2010 | Author: Mike Korell |Filed under:One-Day Market Map | No Comments »
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