#DOW #SP500 Given events in the ‘Scottish Law v English Law, Boris v Parliament and UK v Europe’ shambles, it is probably safer to look outside the UK for signs of sanity. We’d glanced at the Euro / US Dollar pairing in March, projecting traffic down to 1.10 with this level successfully achieved. The drop exceeded our initial target on the first downward surge, generally bad news.
What does this mean?
The chart above shows movement for this pairing during the day on August 30th. The point at which our target 1.10 was achieved saw the pairing fall to 1.096, thus breaking the target and implying further weakness is possible. In the period since, the pair has bounced rather unconvincingly above and below our 1.10, thus tending to confirm it was indeed a valid target, along with signalling trouble ahead. The situation now appears fairly straightforward.
Below 1.092 should trigger further reversal to an initial 1.0635. If broken on the initial surge, our secondary is at 1.0494 and we now expect the pair to enact a bounce at such a level, if only to confirm the long term RED uptrend (from 2002!) has been broken. Effectively, this gives the hope of a bounce from 1.0494 up to 1.09 or so.
At present, to escape this quagmire, the relationship needs strengthen above 1.1240 but visually, there’s nothing significant which gives hope.
In summary, we’re all doomed…As usual.
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
9:53:01PM |
BRENT |
60.7 |
‘cess | ||||||||
9:56:53PM |
GOLD |
1496.79 | |||||||||
9:59:01PM |
FTSE |
7358 |
‘cess | ||||||||
10:02:52PM |
FRANCE |
5621 |
Success | ||||||||
10:06:07PM |
GERMANY |
12392 |
Success | ||||||||
10:07:50PM |
US500 |
3002.07 |
2971 |
2959 |
2944 |
2990 |
3004 |
3035.25 |
3067 |
2971 |
Success |
10:11:51PM |
DOW |
27159 |
26836 |
26737 |
26596 |
26989 |
27158 |
27308.5 |
27605 |
26870 |
Success |
10:18:31PM |
NASDAQ |
7890.19 |
Success | ||||||||
10:32:03PM |
JAPAN |
21677 |
Success |
11/09/2019 FTSE Closed at 7338 points. Change of 0.98%. Total value traded through LSE was: £ 7,289,107,172 a change of -4.98%
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