GOOD MORNING TRADERS!
In typical ECB day fashion, just about all significant pivots were hit in the SPs! As can easily be seen on the top three charts, cross currents reigned,
with Flight to German equities as a haven for the devaluation in the Eurocurrency while profit taking hit the small caps. Both the EC and the Dollar
index continue to march toward their two year high (lows).
The Russell broke its up trending channel line. The question still remains will this lead to a broader trading range environment or will a down trending channeling
now begin? The SPs had a ten day sell divergence window (10 bars over from the new momentum high day on the daily 3/10 oscillator) and this leads to
a test of the daily EMA more often than not. This process may unfold in either sideways chop or stronger downside on Friday. Morning economic numbers
may hold the key.
Have a great day and a fabulous weekend coming up!