|DXZ0 contract USD|
Dollar continues higher pushing the 77.35 level in the front month contract. ES_F breached the 1185 level trading 1182.75 on considerable volume.. Watch for a breach of 77.35 to bring fresh buying into the dollar and selling into GOLD and equities. 77.14 is the dollar level to watch in the DXY.. The update to the above DX chart is below..
The US dollar is the catalyst behind todays moves, as she is in an ascending triangle with a breakout above 77.20 in the DXZO contract signaling a possibly intra day reversal in the dollar following Friday’s flash crash volatility. As for the S&Ps they stalled out above the 1192 level with continued selling in the front month spot GOLD contract down to the 1135 level. The market feels a bit different today as the morning really was
snuffed a bit, though we are still up half a prevent on the spooz.
Watch the financials and the energy names as we know when the dollar starts moving volatility comes into commodities, specifically crude. The levels on the downside today should be 1185, watch the 77 level in the DXY if you cannot get the futures quote.
Bernanke the bubble boy spiced up his rhetoric on the housing crisis specifically the robo signing issues. It is a whole lot to late Ben. as i type the DXZ0 is pushing 77.30.. another resistance level if breached could bring more buying.