NOTE: Most of you outside the US are now able to access the site, aside from a few in Europe and Asia. So, the propagation should be nearly complete. Apparently the links on previous posts need to also convert over from https to http.
There’s a process that will do this automatically for every one of the links in the past 700 posts, but I’m hesitant to try it until after the close today. In the meantime, I’ll go through and update charts on various index pages, which should deal with the more immediate problem.
On a positive note, Disqus is working much better now with the elimination of SSL. You can not only edit comments, but attaching charts is a snap.
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Futures are pointed higher this morning, but there shouldn’t be too much action until Bernanke’s comments. I won’t chase it without a break of 1675.
The dollar has channeled higher since bottoming at 83.735 overnight. I would still like to see a little further downside — to the bottom of the purple channel in order for the downside to trigger in equities. The white .886 is at 83.678 and intersects the channel bottom around 7pm ET.
Our target was 83.609, as that established a 1.618 extension at an intersection with the 1.618 of the decline from Apr 4. Interesting that the dollar is trending up in advance of Bernanke’s testimony…
UPDATE 10:00 AM
Charts in a moment…
DX is closing in on 83.609, but hasn’t quite tagged the channel. Perhaps at around 83.57. If that doesn’t hold, the white midline is around 83.52 and offers great support.
EURUSD is closing in on 1.2993, though the 1.618 at 1.3011 is also a good possibility on an overshoot.
UPDATE: 10:20 AM
DX just tagged the white channel midline at 83.52. Should get a very nice bounce here.
EURUSD just tagged the top of the purple channel, slightly overshooting our 1.2993 target to 1.2997. Look for a strong reversal.
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