USD, daily
USD, weekly
USD, monthly2, rainbow
Summary
So..we saw the USD 83s today. This is no doubt putting distinct pressure on the commodity AND equity markets, not that the latter seems to be overly affected. First soft resistance is currently the upper bollinger of 84.04..and that figure itself is rising each day.
The MACD (blue bar histogram) cycle on the daily cycle has actually been losing momentum since late February, but its still positive. Equity bears have a real problem when this cycle floors, and then starts rising again.
I am certainly still looking for a 1-2 week cycle lower in the USD, but so far...its just not even started, and we keep marching higher..across March.
Looking ahead
Thursday is a rather large POMO day, although less than the one planned for opex Friday. Bears will have a real problem driving the market lower into this weekend, although we are due a minor 20/30pt fall in the sp' before one further little wave (Blue IV) higher.
sp'60min
All things considered, I'm still not doing any index shorts/VIX long positions until at least the tail end of next week. What is clear, we could easily close this week in the sp'1570s, which would be a fiercely bullish way to end the week..and first half of March.
Goodnight from London