Slowly but surely the short-term picture in the eMini improves. The 60 minute chart now has both RSI and tick divergences in place signaling it’s ready to move higher. A look at the 135 minute chart shows why it hasn’t been easy to turn this market around. The channels on the 135 minute have been falling steeply, so that makes me nervous about any rally attempt here, but I’m expecting the eMini to chop higher nonetheless.
The ‘anti-dollar’ markets, i.e. the euro, oil, and gold are all taking a break from their sharp moves up. I’m bullish on all of these and expect renewed upside once they catch their collective breaths after last-week’s sprints higher.
click chart to enlarge
click chart to enlarge
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