After Fed meeting this is what I think might play out.
Created the bull flag, confirm buy signal on daily chart on 5/18
will probably scale in on next dip & buy back over "16" high
U.S. Dollar Index Chart requested from StockTwits $dust follower
I was reviewing a chart for DXY. An impulse wave was completed on April 12, 2016, and the trend continues lower. I then used UUP as a proxy for DXY, because these are the bullish US Dollar Powershares. The pain trade is to anticipate going long. I think DXY will continue lower. Here are the letters and what "TRADE-MAP" means to me (first the letters in TRADE): 1....
We have a potential double bottom at 24.09, if t's the bottom. Open gap at 23.96, so I suspect we fill it and overshoot to the .5 fib at 23.89..
Critical level for the dollar at support. If support breaks, catalyst for ATH's. If holds, very bearish scenario. BOJ move was very interesting last night; however, I believe the pop was a supply test for the Yen and now the dollar is ready for mark up.. I expect the USD to take out the previous high..
At S2 and I believe targeting new high of 27.45 -- Long May $24C's at .49
Off S1 above the 10ema and VSB = bad for equities..
This chart has my attention. Finding support at the .764 trend fib ext and is basing. Moreover, we see looking back that S1 usually marked the bottom. CCI oversold and turning up with RSI again finding support back to old level. CMF is also another key. You can clearly see, every time it bottoms, marks a move up. I would expect a move up in the dollar - about...
The USD looks weak after a long uptrend. Using UUP as a proxy for U.S. Dollar strength or weakness, the chart above has a decided negative trend. Note: The UUP underlying currencies are Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. As for UUP: To help you understand why I feel prices are going lower, here they are, "Don's Top...
Looking for UUP to test the support in the week ahead.
It seems it's getting somewhat harder to simultaneously protect both equity and currency. But from having an easy time protecting both (since first announcing rates normalization due to having enough recovery) to having too difficult of a time protecting both to a point where enough price-insensitive selling occurs in either market to cause serious trouble, where...
Short term uptrend meets long term downtrend at resistance area. I think it will turn back down soon.