Euro FX (September):
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 06/21/2012 @ 1.2590. Confirmation of a top with a close violation on 06/21/2012 @ 1.2563. Downside Target = 1.2246.
- Bullish ERVB (Extended Range Vertical Bar) generated on Friday.
- The September Euro FX exploded higher due to news of another “bailout” package by the EU being agreed to at the European Summit meeting late last week as the Euro closed at its highest weekly level in almost 6 weeks.
- Questions remain over how certain provisions would actually be carried out so the Euro may see a slight setback during this week but our Short-Term view is now strongly bullish and traders should be looking for buying opportunities on the next setback.
- Projected Daily Range: .0081
- Projected Weekly Range: .0248
- Projected Monthly Range: .0601
E-Mini S&P (September):
- Short Term Trends are bullish.
- Confirmation of a bottom with a range violation on 06/27/12 @ 1326.75. Confirmation of a bottom with a close violation on 06/29/12 @ 1356.50 Upside Targets = 1357.25 – 1370.75 – 1384.50.
- The September S&P’s exploded higher for their best single day gain of 2012 based on what looks to be the belief that Europe has come to terms on how to stave off the default of its many troubled nations.
- The S&P’s should continue to balloon higher for the first part of July up to 1384.50 before it runs into heavy resistance from where the market fell apart in May.
- Projected Daily Range: 22.50
- Projected Weekly Range: 49.50
- Projected Monthly Range: 95.75