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Chart Notes
New Higher Low made on 6/22 downward channel intact. Possible horizontal support level from 126.35 to 126.66
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The Russell 2000 ETF continues to outperform the S&P 500 ETF. A support from 77.20 to 77.90 was reached on 6/16 and prices are higher since then. While the downward channel is intact the recent rally to overhead channel resistance was more bullish than normal. Prices never completely retreated to the channel median and returned to resistance quickly. Investors clearly prefer the agility of smaller companies over large ones. Perhaps this is due to their limited exposure to over regulation and macro issues such as sovereign debt.
Volume 1, Issue 1
The Euro has been the center of attention for quite some time and has perplexed many. If sovereign debt concerns are so important why is the Euro so strong? The truth is the U.S. has been aggressively devaluing the Dollar and the ECB is simply not following as aggressively. At the moment we are trendless since the 6/22 breakdown. The breakout of 6/21 was a bull trap as we failed to establish 3 points of higher highs and higher lows. Instead price broke down and retested the 6/17 low which we now identify as support. Short term politics are heavily influencing the Euro and no trend is currently apparent.
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