Market / Euro Update

Since the last update most of the averages are stabilizing, starting to show better intraday charts, AAPL had already been showing improvement which continued and after consolidating for a good portion of the day, it is moving up and the market with it.

One thing I've found, although I'm very hesitant to use the Euro as an analysis tool right before the ECB policy meeting tomorrow, is that when there's a divergence on the ETFs for the currency charts, even if the currencies go the other way overnight, a majority of the time the divergence from the day before plays out in the currency the next day. It's like the market knows where the currency will be when the market opens the next day at 9:30 or somewhere within that day and they position ahead of it the day before (today).

Being the Euro is a risk on currency, meaning it rallies and the market is 95/100 right there with it, I took a look at the Euro's ETF, FXE.

Here's what it looks like and judging by that, AAPL and the improvement in the averages, I'm guessing that something positive will come out of the ECB policy meeting that drives long positions up tomorrow.

 Although the Euro has been flat all day, the 1 min chart has been positive all day and leading positive as we move toward the close.

 2 min saw a positive on the 1st at the end of day, it gapped up in to distribution on the 2nd and is showing a bigger positive today.

 3 min chart also positive

 5 min chart also positive

I wouldn't want to go too far beyond that considering the AAPL target and the nature of the 60 min Euro chart since QE3 was announced, note the large positive back in June when the market hit its low.