After Nice Gap Down...The Markets Start To Float Higher On Light Volume And Dollar Pullback
Posted in: Intraday Update, Analyst Ratings
The markets gapped lower today on the back of selling in Asia and a very strong dollar. The dollar gapped higher as this week there are 195 million dollars in auctions. In generally, you will see the dollar manipulated higher on auction weeks to make sure the auctions go smoothly and the US debt is bought for the most part. After, the dollar usually falls. The last auction is Thursday this week. The markets are now floating higher, Nasdaq has turned slightly positive as the light volume has taken over. The dollar still remains strong on the day but off the highs. That is also giving the markets a push. Watch the 20ma on the intra day 10 minute SPY chart. There should be good resistance there in the near term. Then watch $106.50.
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