XJO Reality Check to Bulls
Direct from the desk of Dane Williams, This is not your average forex broker blog.
XJO Daily:
I had to zoom out a bit so it's not the best looking chart, but bear with me.
For all the stock market optimism I'm seeing about (I can't believe I wrote that on a day the US posted over 3 million jobless claims), I'm here to give a reality check, courtesy of the technicals.
I've featured the Aussie XJO chart because it is the cleanest setup across indices, but it's a similar setup on the SPX too.
All we have here is a short term retest of previous support as resistance, within a bearish move with massive momentum behind it.
On what planet would you want to buy this chart?!
If this resistance zone holds, then zoom into an intraday chart and you'll no doubt find opportunities to join the short train.
Find your levels, trade your levels.
Best of probabilities to you,
Dane.
@forexbrokr | Hive Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
