Keep it simple - the markets continues do drift higher with POMO money , the dollar did get a nice gain yesterday, but POMO was holding the markets up. But whatever , dosent matter , the only thing which matters now is PRICE and only price. That means that the short term trend is UP and will CONTINUE to be up until we get a SELL confirmation. The sell confirmation will be if SPX got below 1294-1295 area , if you see a move below this level, then its time to get out of markets fast , into shorts and hold on, cause then a new downtrend will begin. Until then the trend is up and we will continue to drift higher.
There is a very good possibility that Russels is making an HS pattern , only SPX were very strong , but with other indces lagging a bit. Take a look at Transports , they are leading markets and is way off the highs.
The dollar was higher yesterday as I expected aIstill expect this is beginning of a big move to the upside. The dollar could most likely breakout today... and that would set pressure of stocks and a breakdown and reversal in stocks could be most likely today. Lots of important reports, I think today is a brilliant day for a market reversal. Timell tell , butch the 1294-1295 area, if we reach below here short all you can. Also today is "Day of Departure" in Egypt...could be an awful day down there. Time will tell - people flying into USD safe heaven on this today imho.
Have a nice day and great weekend ! Enjoy
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