Dow, SP500 and FTSE which are the strongest indexes accelerated the uptrend to close on 8 week falling MA.
The hourly trends are still up but further advancement above todays highs is not very likely. Just fifteen minutes before close in the U.S. heavy profit taking started pushing the indexes down.
Dax,CAC,IBEX, MIB and Swed rallied as well but only to their falling 8 days MA:s.
EURUSD is trading up in a channel for the third day and closed just below channel top.
The short trend is always very difficult to predict especially during the current news flow about Europes debt problems. The US finance secretary talked very positive about Europes solidity and Merkel and Sarkozy said the right things. This does not change the fundamental picture a bit but gave traders a reason to close short positions. An unexpected break of the important 8 week MA should definitely get more short covering but the buyers know that this is a risky projekt. I have to wait and see what Asia does tonight and the opening of European bourses Thursday morning to say more.
The hourly trends are still up but further advancement above todays highs is not very likely. Just fifteen minutes before close in the U.S. heavy profit taking started pushing the indexes down.
Dax,CAC,IBEX, MIB and Swed rallied as well but only to their falling 8 days MA:s.
EURUSD is trading up in a channel for the third day and closed just below channel top.
The short trend is always very difficult to predict especially during the current news flow about Europes debt problems. The US finance secretary talked very positive about Europes solidity and Merkel and Sarkozy said the right things. This does not change the fundamental picture a bit but gave traders a reason to close short positions. An unexpected break of the important 8 week MA should definitely get more short covering but the buyers know that this is a risky projekt. I have to wait and see what Asia does tonight and the opening of European bourses Thursday morning to say more.
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