Euro and S&P 500 divergence perhaps nearing Snapping point..
|1 hour ES top 6E bottom|
Divergence started around 12/19/2011… Even late in the evening on the 28th as the euro broke below 1.3 equities only gave up around 20 handles. all to be made back….U can see from the chart above..the last time the euro traded NEAR & slightly below 1.3 the S&P’s were trading 1195’s… on the 28th euro traded 1.2869 with the ES @ 1250.
\now we are 22 handles higher with euro trading 1.3059