Trading week 42/14 – bulls fight back
S&P500 bulls are trying to stop correction. In last two days they managed to go up over 80 points. Great, but when we check longer time frame we can see that week closed below important level at 1891 points. Still, they managed to hold above 55 moving average on weekly chart:
My overall picture is bearish, but this is how it works. Even correcion can be pretty strong, so you have to be careful.
On eur/usd we can see similar story. There was a correction up, but it ended right below 1.2750, which is a resistance from previous lows. I am bearish on euro, but we can expect bulls to fight to go higher. That is why I hope to see more strong moves in both direction on lower time frames. Below weekly eur/usd:
On usd/jpy correction went deep to the 105.18, but buyers managed to hold above that support which is an important one (previous high from December 2013), weekly usdj/jpy:
On oil there was a continuation of move down and 161.8% extension was hit (at 82.90$). I think that it is possible that we will see some move up from that level. Check that week ended below very important support at 88$: