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TFC Commodity Trading Forum

Re: SPX/Breaking Down/Lee/ *PIC*

See DX rally up to the 80.30/80.43 resistance today and back off sharply. And see the RSI 21 that has been under the 50 line since early August run up to that 50 line and start to roll over again. So while it's nice to see price breakout above the 3 month downtrendline and stay above the 20ema for 4 days in a row, resistance is still resistance. And the price action with DX was bearish today. So price is still in a two point channel. Selling off even 1/2 that much of even one point would see inverse markets rally. DX will have to clear and hold above this resistance area to suggest a further selloff with inverse markets. And with so many markets at support levels I wouldn't bet on a selloff early next week with present conditions. But you pays your money and takes your chances.