Thursday, January 26, 2012

Some late day volatility

 The Euro has found some temporary support, it could certainly bounce off this level as is often the case once important support is broken.

 This is a closer view and there's the obvious market correlation, meaning the market could see an EOD bounce as well, it is FX based, that's it.

 The SPY has lost downside momentum and is near a support level as are several of the other averages.

 The 1 min hart shows a small positive divergence, so a bounce is likely through the close,  unless the Euro just slices through the current support level.

 The longer term 5 min chart has and continues to show further deterioration, this is a trend beyond an intraday bounce.

And 3C on ES has been confirming the downtrend all day

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