Erik McCurdy's  Instablog

Erik McCurdy
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Erik is the senior market technician for Prometheus Market Insight and has been performing chart analysis since 1995. The software program that he developed to monitor long-term stock market trends has correctly identified 92% of the cyclical turning points in the S&P 500 index since 1940. His... More
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  • US Dollar Begins Important Short-term Cycle 0 comments
    May 2, 2012 7:34 PM | about stocks: UUP

    Yesterday, a cycle low signal was nearly generated for the US dollar index, indicating that the Short-Term Cycle Low (STCL) that we have been expecting likely formed on April 30. Today, a cycle low signal was generated, confirming that a new short-term cycle has begun.



    (click to enlarge)

    The overbought correction from January has developed into a consolidation formation during the last three months and price behavior during the next few weeks will likely provide an important signal with respect to intermediate-term direction.



    (click to enlarge)

    As we often note, charts do not always have something meaningful to say, but it is important to listen to them when they do. The next several weeks will likely produce a meaningful signal with respect to the direction of the US dollar, so it is time to monitor price behavior closely.

    We will identify the key developments as they occur in our daily market forecasts and signal notifications available to subscribers. Try our service for free.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: UUP
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