Currencies and S&P 500.

tradertony — Fri, 05 Jun 2009 15:07:56 +0000

Currencies look toppish here. I not so sure about the stock market though. Check out the charts:

Even though EUR/USD is trading in the channel right now, I believe it needs to retrace to at least 1.38 to continue its upward move. This would be a really healful sing. Otherwise it’ll start to look otherbough, which may result in a suddent reversal.

EUR/JPY has also almost reached my target and is pulling back a little. 134-133 is a good area to buy into this pair.

The interesting thing about S&P 500 is that despite the rise of more than 40% in 12 weeks there are still people out there who are pushing it higher. The fact that the market has recovered from its lows today, also support the idea of further rice. If we will be able to hold this level, next week will be VERY bullish and I will be looking for 1000 points in the index. If this doesn’t happen and the market will fall into the negative territory, next support area is at 905-915.

More upside.

Trader Tony — Fri, 29 May 2009 07:47:12 +0000

The market is ready to breakout much higher. I would say another 40-50 points to the upside.

S&P 500 is trading in the consolidation area right now. Usually, after it breaks above upward resistance it continues to go in the direction of the trend.

For those of, who are trading currencies, EUR/JPY has just broke from the symmetrical triangle and going higher. My ultimate target is 140.00, so I would suggest to buy at any significant pullback.

As for another currency pair – EUR/USD, I think ~1,4100 would be a an intermediate top. This may also coincide with the intermediate top in S&P 500.

Trader Tony » EUR/JPY

Currencies and S&P 500.

More upside.