Aspen Trading Group
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The slow grind in the S&P action continues. The bulls are on the verge of euphoria as a breakout above 1310/18 looms - while the Elliott Wave count we are tracking suggests solid resistance at 1310/18. Add in the Dollar Index (looks bearish to us) and you get a real mixed bag. Consider the following chart:
The one thing that jumps out at us is the lagging price action in risk related currencies like AUD, CAD and NOK. To us, without those currencies confirming the S&P's we remain a bit cautious on getting bullish in here.
Hopefully this type of a posting, while not offering a specific trading recommendation, provides a solid back-drop for scouting out the time when conditions are ideal for a trade - this not being one of them...yet. Remember, chart patterns alone will not provide consistent trading results - only a thorough and comprehensive view (inter-market analysis) will provide the higher probability trading set-ups.
![1.18.12overlay.png](/proxy.php?image=http%3A%2F%2Fwww.aspentrading.com%2Fuploaded_files%2FJanuary_12%2F1_18_12%2F1.18.12overlay.png&hash=2d9ef5df2dc2ce2df87d9a70e0b8e949)
The one thing that jumps out at us is the lagging price action in risk related currencies like AUD, CAD and NOK. To us, without those currencies confirming the S&P's we remain a bit cautious on getting bullish in here.
Hopefully this type of a posting, while not offering a specific trading recommendation, provides a solid back-drop for scouting out the time when conditions are ideal for a trade - this not being one of them...yet. Remember, chart patterns alone will not provide consistent trading results - only a thorough and comprehensive view (inter-market analysis) will provide the higher probability trading set-ups.