DBD Strategy Daily - US NEW HIGHS AND EUROPEAN BOUNCES
The bottom of August 15th gave way to some very strong reactions on some charts. The S&P 500 passed its highs, opening a weekly bullish gap above previous highs. It could be the beginning of a new rally, if the gap remains open. The Euro-Dollar reintegrated the major support at 1.15. We cannot rule out that this is a the end of the correction. When looking at European indices though, we cannot see what changed. We are still in short-term alternating moves. The possibility of a bearish acceleration (that could have ended the range) has been postponed, but we cannot say that we face a bullish acceleration. We will not bore you again with all the charts that do not yet confirm a rally in Europe (CHF for example, or Italian yields or banks), but it is still possible to hope for a bullish breakout! There is a stop-loss even though it requires a high tolerance of noise around the level.
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