MARKET OUTLOOK USING T/A DOW weekly chart shows a likely risng wedge and my USD weekly and monthly indicators still warn of a dollar rally. So I urge caution.
Back to the usual EURUSD weakness / Dollar strength which will increase once the equity sell off gathers momentum. The Dollar rally and equity correction gets closer. DOW weekly and monthly chart showing possible risng wedge is a serious warning.
As mentioned for some time on my blog, EURO downside and USD upside will keep recurring. My long term indicators still warn of significant US Dollar upside and Euro weakness. This will affect base metal prices... Please be careful.
I'm also operating with my "caution lights" on at the moment. In fact, I have closed out all longs, and banked gains. Will sit in cash today. Too many trades breaking down, and PA not "behaving corectly" for what I trade.
As mentioned, USD strength will keep recurring and this will affect commodity prices. CRUDE OIL weekly and monthly charts remain neutral and are not bullish. This indicates that market consensus for CRUDE is mixed at best and is currently suggestive of lower demand and lower global growth. Geopolitical events affecting the CRUDE price are an unknown variable of course...
Agreed. I'm not (yet) interested in going long crude. That could change at anytime, but for now, no. Good post bro.
Euro is just pulling back to shake out weak longs. They haven't liquidated yet, will let you know when that occurs.