MBO Issue 32 (Aug 2014) Stock Market Correction
- Euro Weekly Down Trend Established
- S&P Correction Started From Projected Time Window
- Gold Running Out of Reason To Move Higher
- Big Picture Summary
As expected, a surge in bullish bias among retail traders and analysts who write to retail traders happened as euro bounced back up to 1.37. They never back down from the bullish opinion since, even when euro breached 1.35 support. Good enough for the flush to below 1.34 so far. Everything has played out as reported last month.
S&P breached the 1950 level and drop straight down on last day of July. The analog in special update looking for a print below June low also fulfilled this morning before NFP report. Correction started right on the projected time window.
Gold could not even clear the lower resistance level and turned back south, seasonal bullish bias could only give it a mild boost as oppose to sending it higher.
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