There is strong probability that US Index has reached a short term top. And we could see some possible downside from here.
My conviction stems from the following:
1. Strong overhead resistance line near 78
2. Tom Demark Sequential Sell Countdown 13 near here
3. MACD Turning down
4. CCI (Momentum) indicator turning south too from overbought
Near term support is at 76 first followed by 75.
For short term trade, could buy EUR, GBP especially the latter which have fallen the most. Gold could look to aim for 900 as well from here (currently at 830)
My conviction stems from the following:
1. Strong overhead resistance line near 78
2. Tom Demark Sequential Sell Countdown 13 near here
3. MACD Turning down
4. CCI (Momentum) indicator turning south too from overbought
Near term support is at 76 first followed by 75.
For short term trade, could buy EUR, GBP especially the latter which have fallen the most. Gold could look to aim for 900 as well from here (currently at 830)
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