Good Entry to Sell Euro? 8:00 AM CST 5/26

After being wrong about selling 1.41, I am going to put my hand to the stove again. I sold after the 15 minute bar from 7:45-8 AM CST formed that shooting star. The MACD also had divergence(yellow lines). Combine this with this shooting star forming at the 62% fib level of the most recent real down move and I think this is a low risk entry. A real move over 1.42 changes my thesis.

30 Yr. Treasury Future To Resume Uptrend?

Having broken through the Fibbonacci zone at 12416-124-20, it will now provide good support, as the long bond tries to complete it's move to the top of it's bullish channel near 126 and ultimately to the Fibbonacci resistance just under 127. As evidenced by the May 19th daily chart hammer, a support zone has been established at 12416-12420. The overnight action of today's session confirmed this. Dips into this area can be bought.

Dollar Index (DX) Possible Trend Change 5/25

The dollar index has been comfortably trending upwards for the last couple weeks, but after a couple straight down sessions, tonights Asian session has started off with a sharp loss for the dollar. It looks like its best chance of finding support will be in the 75.64 area where there was previous peaks made on last Wednesday and Thursday along with its 62% retracement from its last up move. A slip further than that and we could see the dollar start heading back south, sending just about every other market back on its way up.

Crude Oil (CL) End of Day Report 5/25

I said in an earlier post this was gonna be the day to see where crude was headed, and it looks like it might have decided its to the upside. I still hold out some hope after seeing multiple shooting star candles being formed off the previous peak @ 101.45 that this may be headed downwards, however I feel much less certain. Again, if you've held on to a short this long, I don't think there is any reason to dump till we see it break into the 102 area, but be ready to pull the trigger. At this point though, if you have been looking to get long oil, this might just be that opportunity, especially if we get any downward movement to the 100-99.5 area during tomorrows session.

Euro End of Day report 5/25

I suggested in an earlier post that there might of been an opportunity to sell the euro on its retest of the 1.41 level, and it looks like you might of been able to be slightly profitable on that trade, but the pairs direction is starting to look muddled at the close. While were still under 1.41-1.4125 area, which lines up with the purple retracement and the yellow support / resistance line, it looks as though were forming an upward sloping trend line to the south. Usually this type of formation indicates an eventual breakout to the flat side of the triangle. I think there is still more money and less risk to the short side, but I'm not touching this.

Nasdaq Mini Future End Of Day Macro Charts 5/25

Yesterday, I said the 2320 level would be significant resistance. Today's short covering melt up in the afternoon stalled in the very same area and came off it pretty good. I was scared a little bit watching my shorts get hammered today, especially when I added to them at 2307, but the last hour of the session calmed me down. Looking at it now, today was a proverbial dead cat bounce. Sell the pops, Nasdaq is headed to at least it's previous support of 2280, and most likely lower, to the bottom of the bearish magenta channel. If the Nasdaq can close back into the old bullish channels above it (blue and light blue) I will change my tune. Until then... STFP (sell the fucking pop)

SnP Mini Future End Of Day Macro Charts 5/25

Wow.... what a session. After a complete meltdown during the Asian hrs, we retraced it all the way and ended up pushing new highs for much of the day. High of the day stalled at the 50% retrace (1325) from the highs of May 19th, to the lows of today. This is also the 38% from the Japan lows to the May 2nd highs which was good support, and is now resistance.

As long as we don't penetrate today's high, I still feel rallies can be sold for an eventual test of the 1290-1300 support area. Any close over 1325 and all bets are off.....