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Trading Video: Look Closer at that S&P 500 Retreat and US Dollar Break

Trading Video: Look Closer at that S&P 500 Retreat and US Dollar Break

2015-10-22 00:15:00
John Kicklighter, Chief Currency Strategist
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Talking Points:

• Faced with significant resistance, the S&P 500 slipped this past session and took other 'risk' assets with it

• Yet, conviction was noticably absent in the market's development, suggesting we are just deferring to technicals

• Ahead, the Dollar and Yen crosses are likely to carry less influence than the Euro with the ECB on tap

See how retail traders are positioning in the majors in your charts using the FXCM SSI snapshot.

The US Dollar managed to break back into its 2015 range while the S&P 500 finally slipped in its advance. Combined, that would seem a move towards risk aversion. However, a drive to seek shelter is a move with motivation and potential follow through. The move we were presented with was more likly one of moderation. For the S&P 500, the rally through October was a speculative build up that was taking advantage of the short-term risk premium holding over for August. Moving back up to the previous range floor represented a fully coverage of that gap. Hitting that resistance, we see moderation. The same is true of the Greenback. While it moved through a former support technical level, it was more likely a reflection of moving back to range rather than breakout with motivation. Working with this 'pullback' mentality, there are areas of the market that we can take advantage of the sentiment. For proactive moves, the Euro's response to the upcoming ECB decision may be more appropriate. We look at both speeds in today's Trading Video.

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