Good Morning,
I will address these relationships tonight in the forex market class at the U of U.
It took a while, but once the downside momentum petered out, we saw the equities retrace and take the very, very strong EUR/USD through the DOUBLE FALL LINE TRADE area and even towards its highs of the from the Asian session.
Here is the chart as it went for its highs and eventually through them. Remember, no other pair rallied more than about 50%, so you can see how there was great strength in the EUR/USD during the American equity session.
In equities, we held the 130 level in SPY, and if we are going to head higher, we better find some support as we are sitting on the critical 61.8 retracement. Below this is the famed 126 support level:
Fundamentally, we have so much data coming out every single day. From earnings to Europe, to US debt ceiling to the economic calendar. Make sure if you are swing and intermediate trading in the equity/options markets you are getting "a really good deal"!
Happy Trading and Be Environmentally Cool
Coach Brian
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