The majority of the markets we measure continue to show divergence between their Daily and Weekly trends, which will frustrate position traders. Some of the more heavily traded pairs are also showing divergence between their Daily and 240-minute trends which tends to frustrate intraday traders.
A notable change following the events of the last two sessions on today’s TrendMap is that the current Daily trend for USDJPY has now shifted lower and looks likely to stay that way into today’s close. The S&P 500 stock index — ES 09-09 at the bottom of the map –which generally proves an excellent proxy for the global business cycle, remains pointed higher on it’s current Daily, Weekly and Monthly trends.
Jay Norris
Senior Market Strategist
Forex Educator
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