S&P 500 day trading course for Dec 7 for live trading room.
We have news at 2:00. Consumer credit.
The US$ has unhooked from the EURUSD trade and the US $ strengthened into Fridays close. I am mentioning this as the last time we had the S&P500 go up and the dollar strengthen, was when we get small corrections to the US markets. This is not a rule, just a tendency.
#1 and #2 you see the markets are tracking to gether.
#3 this congestion zone following the news the S&P500 broke out on volume spike to the top side.
Normally this pushes the value of the dollar down and increases the value of the Euro. Eurusd weakened and the dollar increase.
Most of the time we would see this as a move to the previous highs on the EURUSD but it tracked inversely.
Previously this time up movement would then be followed by volatility in the indexes as the carry trade dissolves for the US dollar. Watch your self this week. Normally in December we have the Christmas rally where we recover from a move down. This year looks the opposite. Watch for smaller range bars on moves up reflecting a decrease in commitment to take this higher on S&P 500. Join us in the S&P500 day trading course to see this information in your charts.
Looks like an ascending Wedge.