S&P500 day trading course new highs Dollar clobbered.
S&P500 day trading course new highs could be coming on. We are watching as the S&P500 emini future contract is pushing for a double top at 1144.75.
1125.75 was our point of control for the break out on news this morning. This broke our resistant trend line and took off through our 1132.75, 1137.25 and into our 1141-43 congestion zone. London’s closing will put a bit of pressure on the markets as accounts are settled and we will see a volume drop off through lunch.
Watch for short term support at 1140-41 as the sellers push against the buyers exhaustion on the move up. If by 2:00 the sellers haven’t moved through to 1137.25 or lower watch for consolidation into the close. If the buyers have made another push during lunch to give us a new short term high watch for the attempt to 1156.25.
On another front the EURUSD is giving the dollar a beating today.
Here is a chart:
If this continues, I am expecting to see upward pressure in Gold, Oil and in Silver as there will be a move away from fiat currency to hard currency. Watch out for Oil to move on $80, as once we break through this last round of resistance the move to $100 is near.
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