Just as I suspected in last evening's post, the bulls took control. There is no lack of "good levels" for the buying to come back in and support the markets, We are now back above the trendline that we broke for the past 2 days - talk about whipsaw! I am glad I wasn't a part of it in the equity markets, but the whipsaw/headfake action has been giving us great moves in the forex markets.
Let's start with a look at the AUD/USD where we had a DOUBLE FALL LINE TRADE:
We also saw the GBP/USD get massacred today - probably due to the change in unemployment count for the past month.
Moving into equities, let's show that all important (cough, cough...) trendline in SPY that has been support, then violated, then resistance, then violated. Which way did he go....
Let's see where the US unemployment claims come in tomorrow. It it is a big miss to the upside, we could see another change in direction if the markets listen to fundamentals.
Happy Trading and Be Environmentally Cool
Coach Brian
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