The pattern I had posted in early June is coming along nicely but without the directionality that I had in mind, but the trading profits from selling strength and buying back on weakness has been nice, to say the least. As I perused this chart I decided to highlight the 5-day range with a yellow box and point out how the market has broken out of that range twice in the last month and subsequently has broken back down. This is a sign of a downtrend and it is a decent way to analyze a market to look for signs of strength or weakness. In this case, the market is showing signs of weakness.
The market is moving today on news: The news from Merkel in Germany and the hopes that credit will be extended to needy Eurozone countries which will allow the black pot-holes in the banking systems to be filled back up to get the global economy going again. Gold
, crude oil
and other risk-assets are surging today and "safety investors" are fleeing the comfort (losses) of US Government bonds and the US Dollar
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