Friday I noted the emergence of triangles in all of the major averages and how they didn't seem accidental looking at TICK data...
The Greek CDS auction that just ended got these triangles to breakout, now I'd be paying close attention to them.
Here's what the Euro/USD did upon settlement of the Greek CDS auction.
Another nice parabolic move in the EUR/USD this time coming right after the close of the Greek CDS auction.
The correlation of the EUR or more specifically the $USD (this is the Euro in white and SPY in green) is the obvious reason for the move...
Here are what the triangles look like now...
SPY
DIA
QQQ
And the EUR/USD since I started this post...
A move back below the Apex in the market's triangles would be very interesting and may be a trade worth taking for a quick move down. We'll see shortly if this parabolic move ends like most do.
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