As we mentioned in our video analysis yesterday, the majors continued heading higher against the dollar. Not even risk aversion during late Asian session was able to stop profit taking against the dollar's recent gains. During our Live! Trading session yesterday, although a bit slow, the market continued heading higher after better than expected TICS data out of the US were released. The equity markets headed higher, closing above the 10300 level, a very important technical level. The next few days should test this breakout. We would like to see consolidation and an eventual failure so the dollar can continue gaining ground on a risk aversion theme centered on more problems in the EZ. This may not happen until the end of summer, and as we know, summer tends to be a little slow, especially during the month of August as most of Europe is vacationing.
Don't forget, we will be hosting a Live! Trading sessions today. Premium members may access the direct link in the Members Downloads section. The room will be open 15 minutes prior to trading.
If you'd like a more detailed analysis with potential trade opportunities during our live trading session, please join us in the member's area.