Taking a quick look at the market on the weekend, the weekly USD chart is not looking very strong at all. And that will soon give some buoyancy to the S&P 500 down the track. The proof is in the pudding and this chart is looking sickly at best.
Taking a closer look, the Weekly USD chart has almost formed a bearish head and shoulders pattern, and if it passes through the 78 level, there is likely more trouble to come for USD, and will bring back strong buying to the stock and global markets. So watch that level closely.
The RHNYA or NYSE breadth indicator has as MACD crossover, and it is signaling the bears might have a bit of fun on the downside. But still The breadth remains strong, and proves that there is still smart money buying around the traps. It is just not as strong as it was a in the middle of NOVEMBER.
We still believe 1500 could be coming on the S&P 500, as we have predicted in this
POST HERE and as said there are no guarantees with the market or with our analysis, but our VIP members have had a great year, and we have had many market predictions play out perfectly. Hopefully this will be another to add to our tally. :-)
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