Mid Day S&P Market Update (SPX)
Today really started in the overnight session with the AUDJPY and the EURJPY moving around quite a bit, this movement sent gold in violent up and downswings. When i see this type of movement overnight it tells me we are going to have something happen the next day as big money is shifting from one shelf to the next.
As i type this the market is down 1.57% of 18 handles. Quiet a day if you ask me considering we have been selling for the past two weeks or so since 1124’s seemed to be the upside line in the sand.
As for today we mentioned last night if we break 1186 on the downside we were gonna fall very hard. looks like this has been the case as we are now nearly 10 handles lower from that point on. The next level in the
sand is gonna be 1777.50 on the downside Upside 1185 is the surprise, though i am not sure if the formation we are in right now is going to hold or not.
The US dollar is up over 1.5%, as you remember we have been saying do not bet on the dollar demise. If the dollar was dead it would not be bouncing violently like this with gold moving up along with it. There is clearly something going on behind the scenes the greater market does not see. US dollar futures are now spiking up to almost 79.70, if it breaks 80 we are gonna see mo mo buying coming into dollars and massive selling in equities and gold a like.
Mind your Ps & Q’s because this market is different.