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Monday's 5 minute chart showed 7 tests of 5535 which suggested there were solid
buy orders sitting there to support the DM without any intent to run it up.
Early globex action showed prices moving higher and I covered my short. The
decline held at the .62 retracement (Apr Low to May High) and the setup looks to
me like we could see a decent rally off the pivot low. I haven't gone long yet
but am watching the retracement of yesterday's rally closely. Any other
opinions?
Yen's rally looks suspect as there doesn't seem to be much followup buying.
Looks like we need another thrust down with a clear failure/reversal to set up
any kind of meaningful rally.
Earl Adamy
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