Riding the channels
No I'm still not impressed
No I'm still not impressed
Note: I've started posting pictures using photobucket. I realize these can't be seen from most DoD computers, but I like posting multiple larger charts.
9 Charts, 9 channels. I'll start with the S&P 500 60 minute chart. Today's action was nice, but we can see we are still riding down the price channel and setting up another potential Bear flag. We also have a lower high on the slow sto, MACD, and a higher negative on the -DI, with a lower positive on the +DI. At this time, for me, the math just doesn't add up.
Next we have the Dollar. Although we are due for and have gotten a slight pullback, we still have some things to contend with. As you know, right now the strength in the dollar is having a strong inverse relationship with the markets. From the December swing low to the recent high I've drawn in a Fibonacci channel. If you look at the 61.8% level, you'll see it lines up with the 200 EMA. Also, prices have put in a strong shelf in the same area. We also have an embedded upside slow sto with a strong ADX.
EURO/USD has a 20/50 & 50/200 EMA Death Cross with an embedded slow sto.
USD/YEN, the Yen has been the only one to drive the dollar down, but even now you can see we are at a critical juncture between two channels. If the Yen were to fail this could add considerable accelerated pain to the I-Fund.
The British Pound is also testing the bottom of the channel with 3 days under 20 on the slow sto.
Our EFA kissed the top of the channel, is still under the 200 EMA with an embedded downside slow sto.
Even the Nikkei hasn't been able to escape, with prices under the 200 EMA, an approaching 20/50 EMA Death Cross, and it looks to be preparing for a test of the bottom channel. But it is a rising channel.
Sorry I didn't color this channel correctly, but that's ok I really just wanted to point out the huge gap & 20/50 EMA Death Cross on the FTSE-100.
On the German DAX another huge gap down into the 200 EMA.
Special thanks to Freestockcharts.com they continue improving and adding new features all the time. IMHO hands down the best free service out there.
Take care... Jason
