Continuing Jobless Claims Drop – Let’s Think Ahead

June 18th, 2009

Morning all! Futures got a nice little bump this morning after the continuing jobless claims dropped. And by little bump I mean only about a 6 point move…huge right haha. Now, we still have a lot of resistance to get through if we are going to break this new downtrend. See last night’s TRADING VIDEOfor details and the levels. The main level right now is around 920 and then the major one above that at 930. Honestly, 920 might not be hard to break, but 930 will literally be a bear! If we get back up there in a hurry, you can bet that’ll be a great area to re-enter some shorts.

 

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The EUR/USD has been very interesting lately and is starting to form a MAJOR wedge pattern. Again…this pattern is GINORMOUS and will have lasting effects after a breakout. Clearly OIL, GOLD, and Equities depend on the movement of this pair right now. 1.35 is the a good area of likely support right now.

 

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