Friday, November 26, 2010

Morning Madess

Hope everyone had a good Thanksgiving.  I know mine was filled with lots of eating and sleeping.  For anyone not out shopping today we have a short trading day ahead of us.  Markets have seen some unusally high volume for a holiday week, but I don't think that will be the case today.

No economic reports are due out today so it should be a quite day ahead of us.  Markets have begun breaking belows supports and are currently trading in the red.  The EUR/USD and GBP/USD have both broken major uptrend support lines.  The USD/JPY had a nice cup pattern and has been consolidating for awhile now and finally broke resistance.  More upside from the USD is surely to come. 

On Thursday we saw the S&P500, again, move up to the 1200 resistance and hold.  Any move up today will be quickly met with this reistance and the bulls won't make any progress till it is broken.  Another sell off is more likely to occur today.  A target of 1176 could be reaced today on the S&P and a break of 1173 would finally put in a lower-low for the bears.

Good luck today!

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