Market Curiosity: Exploring Markets And Systems

January 31, 2011

US dollar index is pretty weak

Filed under: Just Watching — Tags: , — Jeff Fitzmyers @ 9:16 pm

The Dollar Index is currently about 58% EUR, and 14% JPY, and 12% CAD.

It’s also weak.
+ Weekly CCI is very oversold. From these levels a bounce has typically lasted 3-4 days. And that was with the monthly CCI falling. The current bounce lasted 2 days and on the 3rd day opened at the 2nd days low.
– In the last 15 trading days price has only closed up twice. The most recent time this happened was September 2009. Price had 2 more pushes to the downside over the next 2 months.
– EMA’s all falling.

All that could put price at new lows…

…which are now consolidating beneath the long term monthly lows. Nothing bullish about that. I really have to let go of shorting stocks: Notional values will likely just keep rising in general.

Xiphos Trading’s weekly chart.

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