The second half of the North American trading day wasn’t too compelling if you were watching charts as a healthy portion of traders were likely taking extended lunches to enjoy the start of the NCAA Tournament.
It’s very deceptive of the market to have stalled 6 points short of the goal line, kind of like what Pete Carroll did in the Super Bowl. But unlike the Seahawks, the SPX gets another chance at pay dirt.
In our special Greek election preview report, we highlighted three possible outcomes from the election: a defeat for the anti-austerity Syriza party, a Syriza victory with conciliatory rhetoric toward Greece’s creditors, and a Syriza victory with a more confrontational approach.
The strong bearish move in the euro initiated in mid-2014 has placed the currency back to the 61.8% Fibonacci move that began in 2000 and the lows of $1.10 are considered an important short- and medium-term support.