Friday, December 16, 2011

Market Breaks with the Euro

Yesterday I said the Euro on 3C looked stronger then the market averages which was a bit strange, now we have the market breaking the Euro correlation to the downside whereas the last few weeks it was running far in advance of it, a notable change in character as the top rounds over.
 Here's the SPY breaking lower and away from the Euro in red

 The short term SPY harts are in line with price action.



However, ES is showing a recent positive divergence.

Don't you just love op-ex Fridays?

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