These levels have been helping setup nice trades. Right now I am long from 2750 but I was suggesting to buy at 2720 on Friday, I didn't have the margin at the time. We will stay long until our last and final downtrend resistance line. I expect a false break of the downtrend but ultimately I do not see us going to all time highs anytime soon. We should go up to about 2800-2840 area and start making our way down again. If you look how everything is kind of lining up to mid March, as I have said before, this will be the next time we can look for large guidance. Just so happens this is where the chart patterns are leading us... hmmm coincidence?
Comment:
We might never reach 2800... This unexpected dollar move from the Fed meeting this morning changes things. Dollar index broke out BIG. I still think dollar has more downside but the bottom may have been put in and this move is today in DYX is one step towards breaking that massive downtrend in the dollar.