Is it Soup Yet?

The market’s selling off a bit this morning as the EURUSD tests its channel’s lower bound.

And, the dollar takes a breather after a nice three day gain.

The S&P has officially hit only one of the three Fib levels we targeted weeks ago, but came within .28 of the second yesterday after inching up past the previous 1514.41 high to 1514.96.

While the whole steaming pile could go splat any second, there’s still a good chance of first bagging the 1518.57 Fib.  But, to get there, we’ll need several more ingredients:

(1) one last bounce from EURUSD…

(2) a meaningful reaction for DX off the white channel top and .382 Fib…

(3) these gentlemen to find some work…

(4) or these bums to get to work.

                                                                           Crisis averted / Lisa Benson, Washington Post Writers Group


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