Market Outlook

FTSE rising wedge scenario looking ok so far.
Don't forget S&P500 daily and weekly charts are bearish so equity rally is countertrend.
USDCHF and GBPCAD bullish outlook continues and further upside expected.
 
FXP IS LOOKING VERY BULLISH.
FXI IS LOOKING BEARISH.

HOWEVER EUR/USD IS STILL VERY STRONG TODAY SO SHORT-TERM RALLY COULD PERSIST A FEW MORE DAYS BUT IS NOW BUMPING UP AGAINST SOME MAJOR RESISTANCE.
 
Markets up 3 days in a row! Quite outstanding. Still in TYH and thinking is now the time to take profits or do I wait for the SPX to break 1200+ and rally another 2-3% before taking profits, decisions are tough to make in this trading environment!
 
Quote from Vulcan Trader:

FXP IS LOOKING VERY BULLISH.
FXI IS LOOKING BEARISH.

HOWEVER EUR/USD IS STILL VERY STRONG TODAY SO SHORT-TERM RALLY COULD PERSIST A FEW MORE DAYS BUT IS NOW BUMPING UP AGAINST SOME MAJOR RESISTANCE.
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Im thinking the SPX breaks 1200 and rallies a bit more, think everyone is slowly forgetting about any past few hundred point corrections after the market has been in rally mode for the last 3 sessions, however it doesnt take that long to let people remember that these market sell offs can come very quick!
 
Back above 1200, let the games begin.

DOW has rallied over 800 points off its lows from just 4 days ago!!!

SPX has rallied over 100 points off its lows!!!!

I feel bulls getting greedy for more gains...who wants to go long now after seeing the markets jump 8%+ from their lows, this is a time to be selling, not buying. Wait till the next 300+ point down day, everyone will wish they had sold out after 3 straight days of huge gains!
 
Quote from S2007S:

Markets up 3 days in a row! Quite outstanding. Still in TYH and thinking is now the time to take profits or do I wait for the SPX to break 1200+ and rally another 2-3% before taking profits, decisions are tough to make in this trading environment!
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YOU CAN SAY THAT AGAIN.:)
 
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