The S&P 500 rallied significantly during the week to touch the 4200 level on Friday: Forex Trading
initially fell during the course of the week but turned around quite drastically to break up well above the ¥130 level. This is a market that has been beaten down for a while now, but we have seen the jobs never shock the markets on Friday, adding 518,000 jobs for the month of January. At this point, it looks like the market is finally starting to think that perhaps the Federal Reserve might be serious about keeping monetary policy type.
he 1.06 level features a 50-Week EMA, and a breakdown below that would also add more downward pressure to this market. It’s worth noting that the market pulled back from the crucial 50% Fibonacci level from the huge move down.has gotten hit hard during the week as well, as it is now threatening the 1.20 level. If the market rallies at all this week, I will be looking for short-term exhaustion signals to start selling. However, it would be just as plausible that we fall from here as it looks like we have found an intermediate top in this bear market rally.
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