Although big moves over 4 weeks are skewed down, there is no way to know if the market is going to elect for more grinding over 4 weeks.
Price Action reading: 2 weeks ago the setup could easily have delivered a correction but the news flow was relatively positive and supported 2/3% upside over 3 weeks (Denmark cutting, Yellen confirming stance, China Cutting... coming close to ECB QE....)
In short: upside is limited but resilience could occur. A dangerous long, A potentially frustrating short.
My stance is short in a light fashion that would enable to survive resilience.
Comments
YaKa
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The key levels are:
2100 - 13d ema - if there is top resilience/grinding that is the level to defend in close.
2080 - is probably the level that if breached opens lower (although there are many other supports on the way
2100 - 13d ema - if there is top resilience/grinding that is the level to defend in close.
2080 - is probably the level that if breached opens lower (although there are many other supports on the way
Key news flow:
ISM today
NFP Friday