Friday, May 22, 2009
It appears that the sweethearts have broken up! Here are the last two days of the SPX and the EUR/USD. These two used to travel together and have apparently gone their own ways. The trading hours for the NYSE are between the red lines. The FOREX is open over night. That's why this has been such a good indicator. I've been able to get a preview of the open by the action of the dollar.
Earlier this morning I was sure the Bull was going to come back to life, but I'm pleasantly surprised, but disappointed that one of my favorite indicators to no longer in sync with the SPX.
Below are the M5 and M30 Ichimoku charts. It looks like we will run into good resistance between 900 and 905. The M5 shows the price a good distance from the Kumo so hopefully it will find it's way back down.
Here's this mornings action, I'm not clear on how to count this just yet.
Please help me out if you have an idea.
R1 is at 899 and S1 is at 878, just two points above the 876 level.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 07:58