Note: There will be no post tomorrow, July 17, as I have some pressing family medical issues to which to attend.
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Watching the news on Fox/Time Warner this morning… I don’t know anyone in corporate at either shop, but know some of the studio folks very well. Can’t think of a worse cultural fit…
Another 1am ramp job last night with ES spurting 6-7 points after USDJPY broke out on several shorter-term clouds.
The daily cloud still argues for a tough road ahead, as do the multiple moving averages just above. The 10, 20, 50 and 200 are all between 101.7 and 101.92. As always, it will come down to where the BOJ wants the pair to trade (if left to reflect market pressures, it would have plunged beneath 100 long ago.)
ES is pushing yesterday’s high which completed a Bat Pattern on the white grid and saw a reversal to nearly the .382. Yesterday’s high also completed an IH&S; but, the subsequent reversal clearly did wiped out the right shoulder marked S1. The question now is whether S2 — a much more appealing size/shape — might do the trick or we’re in for yet another head fake.
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