Technical Picture - Markets Push Higher

Broad based push higher on stronger economic data and euro strength vs. USD. Weakness was limited to Gold. Energy, commodities, transports, industrials... sported gains in the 4-8% range.

As depicted in the chart above, prices have pushed through the ambush zone. The next areas of resistance to watch are the 20 EMA, followed by the 200 SMA.

The ascending triangle BO in the $USD appears to have failed. Next support level is the 20 EMA.

OIL and Agribusiness charts are forming ascending triangles.


The SPY held support of the ORL and eventually made an attempt to rally. I mapped out the Fibs from the support base to the top of the early afternoon thrust, waiting for an ambush trade. It set up perfectly and momentum continued throughout the balance of the session.

Gold, was weak again today. This is my third consecutive day, shorting GLD and/or gold stocks.

I placed my fibs from yesterday's late day highs to this morning's lows and waited for a setup.