Hope you are all well. Just a quick note to let you know what i am seeing this week. Firstly looking at last week my comment was " this week a popover 2850 / 2860 then and small retracement (maye weekly pivot 2824,2818,2808 and then off to the races for the new high 2888 2900> 2850 >2944 " Well first part achieved, i would say in trading that is pretty much bang on ! although it didn't feel like it with 2 horrible days weds & thurs which did nothing except sit in a 5 point range for hours on end. The key driver this week will be EM (Emerging markets) USD/TRY and the rest of currencies that are puking and giving the equity markets the jitters. I expect USD - DXY to hit 96.50 and really get people excited. This for me, is a short / mid term top and should be sold (only after the noise over EM has faded). I still expect Gold to puke at some stage - would love to see 1174 may not get their, may be only 1190 but nonetheless it would be a good place to fade in longs. The strong dollar will hit commodities so again more puking - these would be nice swing trade lows to get into. My call on the SPX / ES this week is for another down day tomorrow possibly find a new low around 18 - Note of caution here is that US markets are just very bullish and the lows if any don't stay around for long and guess what folks it's OPEX week as well YAY! So new highs on Friday ?? Key for ES is 43/44 weekly pivot get above this and find support new highs beckon. NQ 7378 S1 needs to hold. So maybe shake out beginning of week with USD denominated news and world falling over the cliff and the a nice bounce in EM = lower USD = High US equities.
Ok couple more things. Apologies for not sharing levels on Friday, kids back from their holidays and resulting chaos. Last weeks results were average £1896 partly because no trading weds & thurs and getting the first a part of Friday incorrect (although called the move down overnight on Thursday ) but a nice recovery on the called ramp into SPX 34/36. I will publish the results this week on the website. Lastly I am on holiday from Saturday the 18th for 2 weeks so i will be checking in but no real commentary. A nice road trip to Albania, Kosovo and Montenegro beckons. One last note usually when i am away in August the markets go mental ! So i hope you get some of the action ! TI
Also one last thing as the LIRA in freefall and dow down 100 on spread betting markets - monthly pivot is 25025 - so needs to find support there. Break out weekly short for Camarilla is 25054 .... so the old classic fake me out / break out and then to the top of the range? last weeks camarilla long breakout was 25671 i mentioned on my tweet - and the high of the week was .... ?