S&P 500: Let’s start at our usual starting point, the S&P. Another day of not much happening. The 21 EMA (blue) is still below the 8 EMA (red ) and 55 EMA (green) with the price holding hands with the green and the red. In other words, nothing to see here.
USD/EUR: this currency pair has gone from almost stopping us out of our trade to strengthening somewhat. There is also an interesting situation occurring that I would like to elaborate on. To the chart, Robin…
This chart is of the actual pair, not the stock market proxy. (That is why the 55 looks more brown than green). If you look at the green candle on the far right, and then come left a bit, you can see that the EMAs have fused together. I always like this situation because invariably which way the shortest EMA goes, the lamb is sure to follow. The shortest in our world is the red or 8 EMA. You can see it rising from the bunch. Maybe, our trade will have the juice to push through the resistance that lies in wait for it.
It is interesting that the stock market proxy that is currently carrying our hopes and fears did not display the same tight bunching of the moving averages as the currency pair itself.
Gold: The price has returned to the previous high. It is a weak buy signal because the price did not push back (neither did the red for that matter) across the blue. However we do have a stop-buy in on our proxy for rising gold ETF UGL at $64.75.
This would represent a push through resistance otherwise I would not entertain this trade.
Oil: The most traded commodity on the planet is still in a mighty downtrend. The price is lower than all the EMAs which set up in downtrend fashion. Yet another level of support is forming, this time around the $8 level.
Bitcoin: the price for this crypto showed a bit of strength today. It still shows downtrend and we still have a stop-sell in place on its proxy, GBTC, at $6.23.
Apple: The brown (55), red (8) and the price remain fused together. The blue (21) being the lowest. This all says downtrend to us, so no bite of Apple just yet.
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