Hey Traders,
very bullish today in the markets, initially seemed that markets were going to roll over and look for retracements of the whole rally down below, all that was thrown out the window when “better than expected” economic data and your tax dollars went to work.
Here is our good friend 100K contract bar:
100kAs pointed out in Intraday Analysis, after ambush zone from 807 highs to overnight lows was violated at 797, 100k bars signaled potential trend and market took off since then, retracing no more than 23.6% of daily move until it retraced exactly 38% on 3:15PM EST low.
Daily chart has put in second green trend candle suggesting continuation to the upside, retracement to 766 might be out of question prior to retesting the highs of the rally,
esdaily
Euro has been really quitelately consolidating before a huge move that should be triggered by overnight ECB decision.
eurodaily
Here is a closer look at this Euro consolidation, watch for breakout for further direction that should resolve very short term, keep in mind though, that with ECB meeting overnight, technicals go out the window short term, except for very major levels.
ec2500
Finally here is the end of day Euro and SP500 market trend summary:
endofdaytrebd2Trends for euro are rather mixed since market has been in a very narrow range past days, but they do seem more bullish than bearish. Sp emini looks bullish on all time frames, it will be really interesting to see what happens next. Be careful trading overnight considering big ECB news.
Cheers