Floyd Upperman's Blog

June 10, 2010

Alert! Markets moving as expected – DX down

Filed under: Uncategorized — floydupperman @ 2:22 pm

he S&P500 did hold the 1039 low yesterday (1036.75 in the ES), and we are bouncing again today (off yesterday’s fizzle). The chances are not as great that we have two fizzles in a row. Yesterday’s low is the first area that now needs to hold, then the 1039 area in the S&P500 futures (June).

This action is very constructive for the market here, and indicates we may indeed be carving out a bottom here. I would look to buy the S&P (ES as well as SSO) now on pull-backs, and you could also look to sell short gold via a higher risk entry on an IMPA sell (an early entry). In the S&P I am looking for a relief rally only at this point. In the Gold I am looking for a potential reversal and decline to the 200dma.

In the case of the FX, we are bouncing higher with stocks higher, and the FX has been the only market recently OS on both the daily and weekly detrended analysis and its an IMPA triggered buy selection as well (excellent conditions here for the higher risk “early bird” buy). This is a rare event and one worth noting (now and in the future, as it is a very useful tool).

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