Some folks can't seem to get away from the computer, even on holidays, eh? Here's a weekly chart of the Dow Jones US Total Stock Market Index (DWCF) with two targets: a possible Double Top (target of 12077) and a possible Wolfe Wave (target of 10812). These patterns assume that we are in a corrective wave and we're currently hovering around the 78.6% retracement of the prior high.
Now that you've pushed the dollar down, Ben, it's your pick on what to push off the cliff: your beloved risk trade or the real economy. Here's a chart of the U.S. dollar and crude oil. Notice they're on a see-saw: when the dollar tanks, oil skyrockets. When the dollar recovers a bit, oil declines.
Here is my hope and pray since I still holding my trap short on SSO. Hourly over bought and start to turn.
1. can not hold up above 1std BB, most likely a trade back to lower BB -1std at least.
2. MACD hist (over lay on the middle chart) continue its divergence
3. STO and RSI are at no buy zone could turn down any time.
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My comments are for entertainment/educational purpose only. NOT a trade advice.
looking at FAS now that it managed to trade above 5dma, Bulls are in control, Bears need to watch out for this since financial is one of the lagging sector if this one move the whole market can easily flying again. you all know small cap are flying.
MA is not turning up just yet but all other indicators suggest a positive near term, again thing can change over night but what I see infront of me now is bullish for FAS. good luck trading.
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My comments are for entertainment/educational purpose only. NOT a trade advice.