Tuesday, June 25, 2013

Closing Pullback?

You've probably seen a lot of charts that are nearly perfectly in line today, that means 3C is moving with price, there's no divergences and that is most often seen on intraday/ short term charts like this. Some times we see it on  longer charts which simply tells us that the trend is stable for now and to expect it to continue, on short term charts they can change so fast that it doesn't have the same meaning.


Here are a few Index Futures and the $USD, there's not much out there that is moving outside of the "in line" status, the $USD 1 min is though and this is the only reason at this point I would even suggest an EOD pullback.

 ES 1 min is almost perfectly in line, it's also wedging  intraday which usually means the trend is not as strong (keep in mind we are talking intraday).

TF 1 min-Russell 2000 Futures, very similar to ES.

Here's the $USDX, note the 1 min chart moving more positive, if the correlation holds and with the ES chart wedging like that, I think it will, then the $USD should pop in to the close which would send the market lower in to the close.

Still all in all, I don't think any of this means much, today seems to have been carefully orchestrated across multiple asset classes to act like a page holder, nothing happened in the market today beyond the opening and whatever the close is, so it seems this was a way to freeze the market and buy some time, for what purpose? I have no idea.



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