To the market:
My post this afternoon was slightly off and I should've only made the bull flag a 12-13 point measured move, instead of a 17. Which made the high 884-886. The last 2 hours of this market were nuts.
The resistance zone I was mentioning for the past couple of days which was 875 and above has been strong resistance for this market. Notice the market is overbought on an hourly and the MACD has not been making higher highs with this market.
For the daily the bears defended 875 and held their ground. The bull flag looks to be almost completed as well. Notice how during this part of the "rally" the market has not been able to get to the upper part of the channel. This is showing some weakness.
The dollar showed some strength after the FOMC announcement today. There also appears to be a bull flag forming.
On the daily chart the dollar regained some ground it lost but was still down for the day.
Notice XLU it was up again today. Almost breaking out of the consolidation/flag pattern.
I bought some SDS today. I am still short CHIC from early in the week and long JASO from Monday and short NUS with a stop at 14.10 and long GEOY.
