End Of Week Market Update, Forecast And Outlook
I have been busy and haven't had time to post, but wanted to get an update out before the weekend. Just a quick end of the week market update. I am still holding the short from July 10. Speculative Short Entry. I got caught leaning the wrong way on the Fed. Not a good entry.
I have been pondering this week whether to exercise the stop out.
As always, I will post when I exit the trade. For now, I am holding the short position as we churn above the original stop out area. Here is the chart.
The short term Wonderwood trades since the May 22 top have gathered 13.93 SPY points (139.3 SPX points).
These trades are all posted real time on here and trading in both directions off the top. See Recent Summary here. This is the first time I have been caught leaning the wrong way since the that May 22 top. I may take a hit on this play.
The trade was corroborated by the USDJPY forecast for a breakdown that I was waiting for at the confluence area. The Fibonacci confluence nailed the top at USDJPY 101.53. USDJPY Short Setup. The trade was tracked on Twitter:
Here is the updated USDJPY chart:
As you can see, we have a nascent downtrend now on USDJPY with the moving average crosses. So, the question is whether it has lost its correlation with equities, or not.
Peace, Om,
SoulJester
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