The apparently key level of USDJPY 102 is being defended aggressively this morning. If it holds, then we next look at that SPX 1886 level toward the end of the month. The daily chart lines it up nicely for 2/27, with U.S. GDP data out the next day.
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| SPX 02-19 a.m. |
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Already the danger is so great, for every individual, every class, every people, that to cherish any illusion whatever is deplorable. Time does not suffer itself to be halted; there is no question of prudent retreat or wise renunciation. Only dreamers believe that there is a way out. Optimism is cowardice.
- Oswald Spengler, Man and Technics, Knopf, 1932
4 comments:
BTW, a good friend who quant-models ETFs sees a real potential for a parabolic finish to the rally since 2009 here, straight north, truly wild, until it fails.
So this chart here may be considered a last stand for intermediate-term bears, a "reasonable" finish to this mess.
ok today we sold half long positions. now we sit back and wait for CG's march low of 1640. bring.it.on.!
This uptrend is ~ 11 day 'old' now.
I think it has fuel only for 2-3 days at most and it won't last till 2/27.
However the price target (on the blue line) might be OK.
Maybe some overthow can happen.
CG,
still seeing 1646 next month?
thx
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