Sunday, June 02, 2013

Sell in May and go away

Maybe that’s what these Friday MOC orders were all about.

ES 15min 2013-05-31

It did some damage, but ES stopped right at the daily Tenkan-sen.

ES daily 2013-05-31

If we manage to bounce on Monday, sweet. The weekend doomsayer are proven wrong again. If not, cloud support on the daily is another 70 points lower. And as long as that cloud is not broken, the trend remains bullish.

Looking at other markets, it seems the US-Dollar is getting stronger every day…

Overview daily 2013-06-01

Not only against the Euro, British Pound, Yen and Australian Dollar, but also against the metals, oil or bonds.

For daytraders, the daily picture is a reminder of the prevailing trend, but nothing to actually trade.

That’s why I usually look at the 240 Minute and 60 Minute charts.

(240 Minute)

Overview 240min 2013-06-01

(60 Minute)

Overview 60min 2013-06-01

And here the picture is not as onesided pro US-Dollar. We might see a continuation of the Friday afternoon moves in the metals Sunday night at the open. But in the currencies and the bonds there might be a bounce against the US-Dollar before the trend resumes.