Published 08/18/2010 - 12:07 p.m. EST
After
trending higher
over the past ten days,
the US Dollar Basket is
beginning to show signs
of profit taking, as well
as a sustained
reversal
of the intraday uptrend.
While the daily time
frame shows that
the
bounce has transitioned
the overall downtrend to
a more neutral
market
cycle, the resumption of
bearish sentiment is
close to confirming
this. The intraday market
sentiment could shift in
the US Dollar Basket
and can break 8240.
Published 08/16/2010 - 12:44 p.m. EST
After
breaking down
through Channel Up
support at 10565 (E), the
Dow Jones
Industrial
Average has traded lower
to the Forecast Support
between
10373 and 10137
(F) on the 240-minute
time frame. This area is
containing current
intraday movement and
could be the base from
which a
correction
higher begins. By looking
at a shorter time frame,
the
support within the
Forecast area may reveal
where a bounce could
occur.