Although buying pressure remains minimal the E-Mini somehow managed to crawl its way higher and is now approaching its medium term resistance zone near 2700. This is most likely the threshold at which the shorts may decide to draw their final line in the sand. The question now for me at least is whether to continue to hold or to consider a short position. Let’s see what’ve got:
The Zero has remained slightly bullish and there appears to be a bullish divergence on the smoothed hourly panel (on the left). In order for this situation to resolve positively in the near future that green support line must not be broken today or tomorrow.
I’ve decided to once again give this one a wide birth at the off chance that it actually pushes through 2700 and thus initiates a massive short squeeze. Should I see a divergent signal on the Zero however I would be open to closing out and taking on a small short position.
Clearly the 2700 mark is the big hurdle especially with that sideways 100-day SMA pinned right above it. The onus is now on the bulls to show what they are made off. Should they fail here I’m afraid it’s going to be one hot summer.
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I almost got stopped out of gold but my campaign survived by just a few ticks. This thing just keeps on coiling up waiting for Dollar weakness. Which may be near – see below…
The ZB campaign is officially history with a stop out at break/even. Again the strong Dollar has kept a lid on any upside in bonds, so the timing here just wasn’t optimal.
Now here’s the Dollar campaign which is now looking like it may be ready for a retest of the upper 100-day Bollinger. Totally to be expected after such an extended run, thus I am leaving my ISL were it is right now.
Truth be told, if I hadn’t already advanced this far I would probably place my stop < the 100-day BB in order to weather out the impending shake out. However it’s my golden rule to never lower a stop once it has been raised, no exceptions.
Much to my surprise the USD/JPY campaign is progressing higher and I’m now advancing my trail to break/even. A push > 110.034 kicks this one into overdrive but the odds on that are 50/50 given that overall the Dollar seems to be weakening.
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