The June E-mini S&P 500 finished lower for the week
after forming a closing price reversal top, signaling the possible start of a 2
to 3 week break. This weak close was the only lower close out of the big three
indices, creating a divergence which may be another signal that this strong
rally has finally reached at least a short-term peak.In addition to the reversal top, the S&P
500 closed on the weak side of a weekly uptrending Gann angle.This is further evidence that a top may be in
place. The current weekly chart formation suggests the possible start of a
break to 1123.25.
News that the SEC filed fraud charges against Goldman Sachs
helped send equity markets sharply lower early Friday morning. The announcement
hit the market as stocks were treading water after better than expected
earnings in Google failed to fuel a rally and General Electric earnings
Although the initial reaction was to the downside on the
news, traders still arenâ€™t sure if this represents a potentially long-term
development or if this is just an aberration.
A flight to quality rally following the sharp drop in stocks
helped fuel a rally in the June Treasury Bonds and June Treasury Notes. Yields
fell as investors flocked into these two Treasury markets. The main trend
turned up on the daily chart when the T-Bonds crossed 116â€™22.
June Gold broke sharply after the U.S. Dollar rallied. The
drop in equity markets fueled a decline in demand for higher yielding assets sending
gold sharply lower. The daily chart indicates that a break to $1128.40 is
likely over the near-term.
The stronger Dollar also triggered a liquidating break in
June Crude Oil.The weak close has this
market in a position to change the trend to down on a break through the last
swing bottom at 83.75. This could trigger a further decline into a retracement
zone at 83.43 to 82.45.
Forex Trading News
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