Well markets in US been down overall for last 2 weeks, with a little upside late this week. I think the little rally we had late this week was an OPEX bullish week with an oversold bounce (Cause we were very oversold with markets down 7-8 days in a row..) so lets see I am expecting continued weakness in markets over next week and looking for 1155 as first SPX target and then 1130's area.
Lets take a look at some interesting charts.
VIX about to breakout of a falling wedge on the 15 min chart and ready to go higher early next week(Monday tomorrow).
VIX 30 min chart got the same option , a bullish falling wedge ready to breakout to the upside monday morning.
The dollar UUP is still above its broken resistance and finding support in this area. Its normal for the dollar to get a little healthy pullback (we had 2 days) after a 9 days runup.
I'm still very bullish the dollar and very bearish the euro near term and I can easy see a really ugly week cause we are getting the bearish stochastics crossover on weekly chart EURO and bullish crossover in the dollar UUP.
So overall if you look at my FXE and UUP chart you can clearly see that this week is a potential very BAD week for markets and VERY bullish for stocks as we are about to get a simple BUY signal on the weekly chart this week. But we need to get that confirmed this week and not go mumch higher from here(Maximum 1207 or so SPX).
Time will tell, but I'm holding my shorts tight and still long the dollar.
Still long KAZ and got some ELTK earnings play monday (1.35)
Have a nice weekend
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