Market Update

I think the market is taking a breather, this is all Euro based as it tries to test $1.30 and the market moves with the Euro or against the dollar, so lets start with the Euro.

 Here's an intraday triangle or consolidation pattern, this looks like the breather the 1 min charts are showing.

 FXE 1 min negative, this is enough to cause the trend to consolidate for a bit.


 FXE 2 min also negative.

 But the 5 min remains positive, hinting that the Euro/FXE will move higher and still take a shot at the $1.30 level and it will drag equities higher with it, which gives us an opportunity to short some stocks in to price strength.

 The DIA shows the same, a 1 min negative as a breather/timeout or consolidation

 But the 5 min is still showing the chance for more upside.

 The QQQ 1 min shows the same.

 And the QQQ 2 min shows more upside likely, so in essence we've had a brief pause in an intraday bounce.

 SPY 1 min

SPY 2 mn.

I would still keep an eye on the FXE/Euro trade, but as  said before, $1.30 will be defended and there are a lot of contracts there, a break of $1.30 that is sustained will drop the Euro and the market like a rock, so this is the time to be productive and look for candidates that you like and look for tactical entries.