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Euro 1.2100 just traded. Pain in the arse, having advocated an exit on the pullback. Still, it's 15 pips in the RantRecord...
The ducks lined up perfectly tonight - the CCI overbought I warned about in the USRant occurred pretty much exactly when I indicated it would (at the 45 minute mark rather than the half-hour... so sue me).
The fishy smell earlier in the session was a good omen, too.... I've said this before, but it bears repeating - when things don't 'hang together', you can tell something is amiss, and invariably it will resolve itself in the direction of least resistance. With a CCI divergence in the offing, the path of least resistance was going to be DOWN for stocks/indices... UP for the Euro. Simple.
Where to from here? Let me preface this by saying that I don't I don't think this is likely to happen... if the S&P futures dip below 1183.50 then the recent reversal is over, and levels as low as 1150 become valid targets.
If 1183 holds and the futures close above 1190, then the futures should have no trouble hitting 1200 tomorrow.
