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Market Commentary 22JUL12

Market Commentary 22JUL12

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Published by AndysTechnicals
Updated look at various markets using technical analysis.
Updated look at various markets using technical analysis.

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Categories:Types, Business/Law
Published by: AndysTechnicals on Jul 22, 2012
Copyright:Attribution Non-commercial

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08/11/2012

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Andy’s Technical Commentary__________________________________________________________________________________________________ 
Dollar Index Daily w/ Weekly Support
The Dollar Index was destroyed on Friday on European headlines, though he DXY still looks bullish on basic chartingtechniques: “higher highs and higher lows.” While the move on Friday was nauseating for longs, risk/reward still favorsbuying dips. Bulls should use 81.19 and 80.18 as support/pivot points in the week ahead.
-a--b--c--d--e-?(a)(b)
REPRINTED from 7/1/2012
 
Andy’s Technical Commentary__________________________________________________________________________________________________ 
Dollar Index Daily w/ Weekly Support
One of the things we’ve been consistent on in the last several weeks was the concept of buying/owning theU.S. Dollar. This market continues to look like it wants to head higher. I’m not sure where the upper end of this move might lead to, therefore this is one of those trades where you “stay long until your wrong.” In other words, keep raising the “stops” and keep holding the length. There’s a decent chance we’re still looking at an“expanding” triangle from the lows; we could be just in the middle of an explosive -e- wave higher.Bulls should consider using 82.21 and 81.19 as supports, or “stop” areas for long positions. Any break of the blue uptrend line should certainly cause a full blow exit of any long trades.
-a--b--c--d-(a)(b)?-e-(c)?
 
Andy’s Technical Commentary__________________________________________________________________________________________________ 
S&P 500 ~ 240 Min. with Weekly Support/Resistance
This has become a very confusing market pattern with all the ‘whipsaw’ you would like. The shorter term posture must be “on thesidelines” while waiting for greater clarity. The “Fibbo technicians” out there get another “opportunity” to sell the 61.8% retrace at 1362,but it doesn’t look like a good sell the second time around. This looks like a market that wants to probe higher levels. The good newsfor the bears is that the move up from 1266 is definitely only corrective in nature. The bad news is the Friday move went out ‘like aboss’ and showed no signs of peaking. Bulls should consider 1330 as support, but again, this market is so choppy andunpredictable right now, it makes little sense to even be involved.
[a][b]
(w)?
[c]
(x)?
[a][b]
(y)?
[c]
REPRINTED from 7/1/2012

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