*I really thought there would be closure on the future direction of the stock market today but alas, it was not to be. I continue to believe that the US Dollar's days heading north are numbered, as demonstrated in these two charts.*This first chart of the US Dollar simply reminds me that the 50 dma and 50 ema are close overhead current price. As this moving average has provided either support or resistance in the past, it would appear at this time it will provide resistance and keep price from climbing much higher, if at all.*The other thing that is even more encouraging to me is something few would observe. And that is that the MACD is BELOW ZERO. Generally speaking, when the MACD (or TSI, if this particular software had it) is BELOW zero, that is bearish. If the indicator should reverse its northward direction any time before it reaches ZERO, price would fall with 100% certainty. So Mr. Dollar may appear to be on a roll, but he is on a roll in bear country and will, in my opinion, not escape this 'below zero' zone with his shirt on.*Click on the charts to ENLARGE*This second chart is a 15 minute chart of the US Dollar. This chart I find really amusing. The boys and girls trading the great US Dollar spent 3 hours bringing the price up to just a single penny above the previous high so that a negative divergence in favor of a drop in the US Dollar would be in place. *Laughable. *Please, don't even try to tell me that the various markets trade hourly on fundamentals. It is psychology, pure and simple. Sentiment, psychology and skillful manipulation, to put it bluntly. *Anyway, I'll try to keep posting next week and thereafter, but things will change with my work schedule change. *Thank you for joining me this summer and I hope you keep an eye on me in the future. It has been my great pleasure to dialog with many of my readers. *As always, please feel free to contact me in the future! tsiTrader@gmail.com *Best always, John
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