here is my analysis published yesterday July 24th 2013 on FXStreet.com. I am now official contribution to FXStreet.com, a leading website on Forex trading. You will find my full analysis in my free Newsletter (subscribe here, it is free) and, some days, I will also publish in FXStreet.com. Hope you enjoy the review.
After failing the sequence of measured moves higher in the second part of May on the daily timeframe, our model pointed to lower prices. S&P500 price, however, never continuer lower into the 1500 area as anticipated. Price rather stopped at the next area of support identified in our weekly model. That support is provided by the 1559 to 1533 area where we witnessed strong participation on the upside, showing that Program Trading is, in our model, still supporting prices higher.
Price printed fresh highs on Monday and on Tuesday we saw a bit of profit taking. If we get a correction in the coming days our model does not see price moving below the 1659 to 1648 area. If price corrects into that area that could be a good opportunity for longs as our model of Program Trading is now targeting the 1710 to 1715 area (1st target), where we could see some sort of profit taking.
Thanks to the participation of longs at the 1566 area, which we model as an entry of weekly continuation in extensions longs, there is also the potential for the market to get going and continuing into the 1800 area (2nd target), before a sensitive correction takes place. In that case 1800 would be a good place to take some longs off.
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