USD, daily
USD, weekly
WTIC Oil, daily
Summary
I've seen a fair few chartists today highlight the Euro, breaking trend support. Suffice to say, I don't think it will go much lower in the near term. Same goes for Mr Dollar, which today saw its first brief move >81.50.
WTIC Oil closed the day @ 92.99. I don't expect it to break the $90 threshold.
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Target zone sp'1490/80
With two daily index declines in a row, a third looks very likely tomorrow. Best guess, we at least hit sp'1490 intra-day tomorrow. A close in the 1480s looks somewhat unlikely.
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Dr Copper needs to hold $3.50
With the stronger dollar, its not surprising to see downward moves in most commodities, and Copper is no exception. What is interesting is that its now very close to breaking the lower wedge/rising support line. Any close in the 3.40s - whether tomorrow or next week, would be somewhat suggestive that something new is underway, rather than just a tiny pull back.
Those considering 'dip buying' should keep a very close eye on whether Copper holds above that line.
sp'daily7 - fib levels
I'm guessing this is merely a sub wave'4 of the very large wave that began in mid November.
If that is the case, we'll get stuck somewhere between 1490/1475 within the next few days..and then jump higher..breaking new highs in March.
I have the small hope that by late April, it will be prime shopping time for a major re-short, with some serious downside action in May.
Goodnight from London