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Video: Dollar and Risk Setups Lose Power Before Definitive Move

Video: Dollar and Risk Setups Lose Power Before Definitive Move

2016-03-25 00:38:00
John Kicklighter, Chief Strategist
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Talking Points:

  • The Dollar climbed a fifth day back to former support but intentions will be obscured by the liquidity drain
  • A SPX wedge break stirred risk aversion, but a catalyzed breakdown turned out into merely a slip
  • Holiday trading conditions will now usher the weekend in early, with thin trading and volatility but limited trend

See how retail traders are positioning in the majors using the FXCM SSI readings on DailyFX's sentiment page.

If technicals were the only thing guiding the markets, we would be positioned for some remarkable trading opportunities. However, market conditions are perhaps a more elemental factor to financial system development. A holiday liquidity drain disarms the impetus of key technical tests and breaks. And, whether or not we pick back up where we've left off when the ranks fill back out next week remains to be seen. From the Dollar, a five-day rally looks stretched as it faced the former floor that it so unceremoniously retreated from after the FOMC decision last week. Meanwhile, the S&P 500 as a benchmark for sentiment slipped through the floor of its rising channel to take a step to further replicate its August-November pattern. Yet, a breakdown that gains selling momentum - or finds the strength to power through a rally towards record highs - requires fuel to sustain a fire. That is highly unlikely through this closing 24 hours of trade. We discuss market conditions and prudent trading in today's Trading Video.

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