$USD Weekly looks to be nearing a low that would mark a turn that could resume the Dollar bull market.
I think we rally the $USD here. I know there have been calls for a dollar top. It probably will not top during a tightening cycle until the market really catches a genuine whiff of a Powell pivot. It might double top, but it has not yet "topped" in all likelihood.
I think with that little Pinocchio push through the upper trendline that smart traders should be on the watch for the signs of a potential next leg down.
$USD biding its time doing an inside day ahead of tomorrow's CPI report. CPI has been good ignition catalysts this year. My expectation is that the dollar has bottomed and will rally back to its recent highs. YM also biding its time, also an inside day, waiting for tomorrow's CPI to light the fuse being set out today. My expectation is that the YM will decline to test its recent lows. In either case, the set-up has a very attractive reward to the required rick profile. Dollar could breakdown, and YM could breakout. Neither has to move very far to prove my expectations incorrect.
SPY has stalled, fallen out of its nice tight channel. Inside day so far here too. The reaction to CPI tomorrow the probable catalyst that either puts the rally back on track or leads to the next leg down.
CL nice swing long last week and now short is working. After the fact which isn't fair of me. Therefore, sell stop $85.30, stop loss 87.41, and limit out at $76.25
Both $USD and YM traded past yesterday's range and added to the long dollar positions and the short YM. CPI tomorrow so early morning whip and saw expected.
SPY Weekly. Currently long and will reverse if SPY breaks last week's low. Best scenario for longs would be if this week can stay inside last week's range and then break up early next week.
Looks like a chart of the Ram's season this year. McVay needs to step up, and the O-Line needs to get it together! UGGG!