It didn't wait for the Fed...
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It didn't wait for the Fed...
http://www.tsptalk.com/images/mb/072517a.gif
http://www.tsptalk.com/images/mb/072517b.gif
So much for the Nasdaq rally triggered by Apple's earnings. This [15-minute chart] is the Nasdaq 100 futures just after the earnings report...
http://www.tsptalk.com/images/0802170537d.gif
And this is what's happened since...
http://www.tsptalk.com/images/mb/080217a.gif
HYG hanging precariously... Held prior 2 tests.
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Some interesting action in early trading today....
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More like nauseating.
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It will be an interesting close today as the SPY floats above the 50-day EMA and below the old rising support line....
http://www.tsptalk.com/images/mb/081117d.gif
The dollar is slipping again causing small caps to lag.
I'd actually be surprised if the current gains hold as we head into the weekend with the current geopolitical chaos. I'd suspect some late selling, but that may seem to obvious, so maybe I will be surprised.
The dollar is getting pop today, making its first higher high in a while. There are several open gaps overhead that may need attention.
I'm surprised to see the small caps under performing with the dollar up today, but I guess there were some profits to be had in the Russell 2K after Monday's big rally.
Dollar ETF...
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15-minute chart of dollar futures...
http://www.tsptalk.com/images/mb/081517b.gif
Nice development in the Transports as the old bear flag, which originally broke down but found support and created a "W" double bottom, has now broken to the upside, so if it closes up there, I'd say the bear flag is history. This would be day 3 above the 50-day EMA... if it holds into the close.
http://www.tsptalk.com/images/mb/081617a.gif
We saw the 3 closes above the 50-day EMA, but the bear flag is still in play after the failed breakout of the flag.
http://www.tsptalk.com/images/mb/081617b.gif
Today's pullback is trying to fill the open gap from Monday. Will the bottom of the gap and that intermediate-term rising support hold?
http://www.tsptalk.com/images/mb/081717a.gif
The credit markets have been a bright spot for the bull market and the HYG seems to be geting a little support here, but it's looking more like a bearish head and shoulders pattern so we'll we'll see if we get a larger right shoulder, if it makes new highs, or breaks down from here, first.
http://www.tsptalk.com/images/mb/081817d.gif
The dollar may be breaking down from the bear flag we've talked about in the commentary...
http://www.tsptalk.com/mb/blogs/tspt...ng-tested.html
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