UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
* Tues. Oct. 26 @ 10:00 am ET - CB Consumer Confidence
* Fri. Oct. 29 @ 8:30 am ET - Core PCE Price Index m/m Data
* Wed. Nov. 3 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Nov. 5 @ 8:30 am ET - Employment Data
* Tues. Nov. 9 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Wed. Nov. 10 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Tues. Nov. 16 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Wed. Nov. 24 @ 2:00 pm ET - FOMC Meeting Minutes
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Thursday, October 27, 2011
How low can the US $ go?
The Major Indices (Dow 30, S&P 500, Nasdaq 100 & Russell 2000) and the Financials sector (XLF) ended at major resistance levels on their Daily charts as shown below.
Correspondingly, the YM, ES, NQ & TF also ended the day at major resistance levels as shown on the 4-hourly charts below. The YM, ES & NQ ended just below the +2 deviation level of the downtrending regression channel...this level is significant since a break and hold above could very well see price breaking through major overhead resistance and ultimately making a new high this year...the NQ isn't far from accomplishing that now, while the TF is still lagging.
The TF is trailing the bullishness, but it's one to watch to see if it begins to outpace the others on a move upwards over the next days/weeks in order to reach a new high by year's end...looking at a 5-day 5-minute chart below, we can see that the Russell 2000 has led the other Major Indices (on a percentage-comparison basis) in this latest segment of the rally, with quite a move ahead on today's action...I'll be watching to see if this trend continues, or if it was just a "flash in the pan" event.
This latest push up in the markets could either be the desire for month-end gains by fund managers with a drop to follow, or the beginning of major short-covering with the rally gaining momentum...we'll see what happens after the end of October.